Everyone should have a Lasting Power of Attorney

Lasting Powers Of Attorney

You might be familiar with Lasting Powers of Attorney (also called LPAs) – perhaps your parents have them already...writes Janet Walker, Legal Intermediary at True Bearing. It’s tempting to put them to the bottom of your ‘to-do’ list – surely you don’t need them yet? Aren’t they something to think about when you are much older?

LPAs appoint your choice of Attorneys to act on your behalf should you lose the mental capacity to make decisions for yourself. They are a cornerstone of Legacy Planning at True Bearing – because they are about looking after you and your assets whilst you are still alive so that you can pass on that family legacy. LPAs must be registered with the Office of the Public Guardian whilst you still have mental capacity  - so it can, unfortunately, become too late to get them in place.

We advise clients to obtain both Health & Welfare and Property & Finance LPAs, as they cover different aspects of life. Even if you have been married for decades, if your spouse needs medical attention but they have lost capacity, you may well not be consulted about their treatment – or the continuation of that treatment -  unless you have a Health & Welfare LPA in place.

It might be the case that you have used a joint bank account for everyday expenses for many years. If one of the co-signatories loses the capacity to make decisions for themselves the bank may freeze the account, which could leave you with significant financial difficulties.

Leading causes of loss of capacity include gradual conditions such as Alzheimer’s and other types of dementia. However, a significant number of cases are caused by illness and accidents -catastrophes that can strike at any age.

In the time that I have been helping clients with their Legacy Planning, it is very noticeable that the clients who decide from the very beginning of the process to include LPAs in their plans are those who have seen loved ones suffer from a lack of capacity.

In particular, they are very aware of how difficult things can be for the loved ones who have to try to access and manage finances without an LPA in place. Emotionally, it can be very difficult to cope with the mental decline of a spouse or family member, and that situation is compounded by being excluded from the medical decisions being taken without consulting the family.

It was for those reasons that my client Louise asked me to prepare LPAs for her. Her husband had not got them in place before he had a stroke at 62, which left him without mental capacity. Luckily, she did have access to some savings in her sole name but found it distressing to have her views about his care not given the respect she thought was appropriate.

We can help you with putting LPAs in place for you and your family.

If you would like to speak to one of our Legal Intermediaries about Lasting Powers of Attorney or any other aspect of estate planning then please call 01257 260011. The FCA does not regulate wills, trusts or legacy planning

Enjoyed this? Read more from Amber River True Bearing

Latest news

1

Dog greetings card firm lands John Lewis partnership Scoff Cards

Dog greetings card firm lands John Lewis partnership

22 May 2024

2

Online horse health retailer opens larger premises and first shop Hannah Wild

Online horse health retailer opens larger premises and first shop

22 May 2024

3

Net zero: Why SMEs are important Net zero.jpg.jpg

Net zero: Why SMEs are important

22 May 2024

4

Hotfoot designs new website for Cincinnati Shakespeare Company Hotfoot 2.jpeg.jpg

Hotfoot designs new website for Cincinnati Shakespeare Company

22 May 2024

5

Hyndburn's culture and community to connect at special event The Connecting Cultures event will take place at Haworth Art Gallery in June.jpg.jpg

Hyndburn's culture and community to connect at special event

22 May 2024

Lbv116 Ltb Strip980
Background image for hub sign up block

LBV Hub

Reach 50,000 members of the Lancashire business community

Post your news
Post your events
Post your offers
Company profile
Social reach
Magazine coverage
Sign-up
Events
Business Networking in Lancaster - BNI Castle
EVENT LISTING BNI Castle.png.png
LBV Hub Networking
23 May 2024 - 23 May 2024

Business Networking in Lancaster - BNI Castle

Vale of Lune RUFC, Powder House Lane, Lancaster, LA1 2TT

06:45 - 08:30

Business Networking in Burnley - BNI Kudos
EVENT LISTING BNI Kudos.png.png
LBV Hub Networking
23 May 2024 - 23 May 2024

Business Networking in Burnley - BNI Kudos

Prairie Sports Village, Windemere Avenue, Burnley, BB10 2FU

06:45 - 08:30

Creative Lancashire Networking Social
Untitled design-4.png.png
LBV Hub Networking
23 May 2024

Creative Lancashire Networking Social

Society1 Coworking Space, Preston, PR1 3LT

17:30 - 19:30

Chamber Breakfast Networking
Chamber Logo1.png.png
LBV Hub Networking
23 May 2024 - 23 May 2024

Chamber Breakfast Networking

HIC, Lancaster University, Bailrigg, Lancaster, LA1 4AT

08:00 - 10:00

Business Networking in Preston - BNI Brunch
EVENT LISTING SIZING Brunch .png.png
LBV Hub Networking
24 May 2024

Business Networking in Preston - BNI Brunch

Samlesbury Hotel, Preston, PR5 0UL

09:30 - 11:00

Business Networking in Blackburn - BNI Infinity
EVENT LISTING BNI Infinity.png.png
LBV Hub Networking
24 May 2024

Business Networking in Blackburn - BNI Infinity

Hampton by Hilton, 2 Frontier Ave, Blackburn, BB1 3AL

06:30 - 08:30

Music In the Park
Music in the Park.jpg.jpg
LBV Hub Fundraisers
26 May 2024

Music In the Park

Worden Park, Worden Lane, Leyland, PR25 3DH

12:30 - 22:30

Business Networking in Blackburn - BNI Vista
EVENT LISTING SIZING Vista.png.png
LBV Hub Networking
28 May 2024

Business Networking in Blackburn - BNI Vista

Hampton by Hilton, 2 Frontier Ave, Blackburn, BB1 3AL

06:45 - 08:30

Business Networking in Chorley - BNI Endeavour
EVENT LISTING SIZING Endeavour.png.png
LBV Hub Networking
28 May 2024

Business Networking in Chorley - BNI Endeavour

Oak Royal, Bury Lane, Chorley, PR6 8SW

06:30 - 08:30

Business Networking in Lancaster - Eden Business Network
Eden Business Network.png.png
LBV Hub Networking
29 May 2024 - 29 May 2024

Business Networking in Lancaster - Eden Business Network

The Borough, 3 Dalton Square, Lancaster, LA1 1PP

18:30 - 20:30

Business Networking in Accrington - BNI Zeus
EVENT LISTING SIZING Zeus.png.png
LBV Hub Networking
29 May 2024

Business Networking in Accrington - BNI Zeus

The Mill House, Corn Mill Yard, Accrington, BB5 5HX

06:45 - 08:30

Business Networking in Preston - BNI Diamond
EVENT LISTING BNI Diamond.png.png
LBV Hub Networking
29 May 2024 - 29 May 2024

Business Networking in Preston - BNI Diamond

The Marriot Hotel, Garstang Road, Broughton, PR3 5JB

07:15 - 09:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV116 Online Graphic
Subscribe now

Weekly news bulletin