Everyone should have a Lasting Power of Attorney

By Amber River True Bearing

13 Mar 2023

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

Latest news

1

Historic Blackpool building to house business growth hub Blackpool Stanley Buildings

Historic Blackpool building to house business growth hub

05 Dec 2023

2

Plans approved for 800,000 sq ft Preston industrial scheme Aptus visuals

Plans approved for 800,000 sq ft Preston industrial scheme

04 Dec 2023

3

Pierce advises international health firm on share options Handshake sib.jpg.jpg

Pierce advises international health firm on share options

05 Dec 2023

4

Tech helps to meet FCA Consumer Duty standards Untitled design (1).png.png

Tech helps to meet FCA Consumer Duty standards

05 Dec 2023

5

Seek early advice with personal debt Amy Mehers of Leonard Curtis

Seek early advice with personal debt

05 Dec 2023

2664LBD980x120gif
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
Help to Grow Management Course
Collaboration v3.png.png
LBV Hub Seminars
31 Oct 2023 - 14 Feb 2024

Help to Grow Management Course

University of Central Lancashire, School, Online and face-to-face , UCLan, PR1 2HE

09:30 - 11:30

Business Networking in Blackburn - BNI Vista
EVENT LISTING Networking In Halifax (1).png.png
LBV Hub Networking
05 Dec 2023

Business Networking in Blackburn - BNI Vista

Hampton by Hilton, Blackburn, BB1 3AL

06:45 - 08:30

Business Networking in Chorley - BNI Endeavour
EVENT LISTING SIZING Endeavour.png.png
LBV Hub Networking
05 Dec 2023

Business Networking in Chorley - BNI Endeavour

Oak Royal, Bury Lane, Withnell, Chorley, PR6 8SW

06:30 - 08:30

Business Networking in Lancaster - Eden Business Network
Eden Business Network.png.png
LBV Hub Networking
06 Dec 2023

Business Networking in Lancaster - Eden Business Network

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

18:30 - 20:30

Business Networking in Preston - BNI Diamond
EVENT LISTING BNI Diamond.png.png
LBV Hub Networking
06 Dec 2023

Business Networking in Preston - BNI Diamond

Norman Jepson (Beefeater), Bluebell Way, Preston, PR2 5PZ

07:15 - 09:00

The Business Network Central & East Lancashire
LBV Hub Networking
07 Dec 2023

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:30

Twas the night before ransomware
Event Graphic 3.jpg.jpg
LBV Hub Seminars
07 Dec 2023 - 07 Dec 2023

Twas the night before ransomware

The Lowry Theatre, Salford Quays, M50 3AZ

14:00 - 17:00

Business Networking in Lancaster - BNI Castle
EVENT LISTING BNI Castle.png.png
LBV Hub Networking
07 Dec 2023

Business Networking in Lancaster - BNI Castle

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

06:45 - 08:30

Discover the power of BNI - Business Networking in Preston
Preston.png.png
LBV Hub Networking
07 Dec 2023

Discover the power of BNI - Business Networking in Preston

Samlesbury Preston Hotel, Preston New Road, Samlesbury, PR5 0UL

09:30 - 11:00

Business Networking in Burnley - BNI Kudos
EVENT LISTING BNI Kudos.png.png
LBV Hub Networking
07 Dec 2023

Business Networking in Burnley - BNI Kudos

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

06:45 - 08:30

Business Networking in Preston - BNI Brunch
EVENT LISTING SIZING Brunch .png.png
LBV Hub Networking
08 Dec 2023

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
08 Dec 2023

Business Networking in Blackburn - BNI Infinity

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

06:30 - 08:30

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 LBV Advertising Visual NovDec
Subscribe now

Weekly news bulletin