Lasting Power of Attorneys (LPA)
Preparing for an uncertain future
Lasting Power of Attorneys (LPA)
LPA Basics
These documents are just as important as having a professionally written Will. Whilst we look to get our affairs in order when we die, we rarely consider the consequences of what might happen should we become unable to make decisions for ourselves, whether this is through dementia, or loss of mental faculties through an accident or illness.
Do I need an LPA?
Which LPA do I need?
A Property & Financial Affairs LPA allows your Attorney to:
- Manage your bank accounts (including current accounts, building society accounts and savings) Pay bills (including setting up and stopping Direct Debits)
- Collect and manage payments such as benefits and pensions (private and state)
- Sell or buy property and other assets
A Health & Welfare LPA allows your Attorney to:
- Choose a home care company or residential placement for you
- Arrange your meals
- Organise your social activities
- Make decisions regarding medical treatment (including life-sustaining treatment or end of life care)
Please note that these lists are not exhaustive, and your Attorneys can make a variety of other decisions on your behalf.
Watch “Martin Lewis on Wills & Lasting Power of Attorney” on YouTubeWatch “Martin Lewis on Wills & Lasting Power of Attorney” on YouTube
Which LPA do I need?
An LPA must be made whilst you still have the mental capacity to manage your own financial affairs. Once mental faculty is lost, it is too late to start an LPA. In which case, someone would have to start the lengthy (upwards of one year) and costly (running into the £1000s) process of applying for Deputyship through the Court of Protection to be able to manage your affairs.
During this time your assets would be frozen, and no decisions could be made on your behalf. Could you wait that long to access funds or reach decisions on care needs?
You cannot control who applies for Deputyship and in some cases your Local Authority may seek permission to make decisions on your behalf.