Maintaining control in retirement
Preparing for retirement can be exciting, looking forward to how to spend the leisure time ahead.
However, it is also a time when the reality of getting older becomes undeniable and is a good time to prepare for those years when you might become dependent on others.
Some worry that making Lasting Powers of Attorney (LPA) is in some way surrendering control, yet the ethos behind the LPA is very much one of empowerment.
Making a financial LPA, appointing people you choose, possibly with instructions and guidance as to how you would like them to manage your financial affairs, means that everything can be managed properly in accordance with your wishes as soon as help is needed.
In the absence of an LPA, an application to the Court of Protection for a deputyship order is required, which may take months to complete.
Less well known is the health and welfare LPA, which, in these increasingly litigious times is becoming more important.
The ethos behind the LPA is very much one of empowerment.
The term “next of kin” has no legal status, but appointing those you trust most under a health and welfare LPA gives them full legal authority in relation to all decisions concerning your care and wellbeing. Guidance can be given from matters as mundane as diet and personal grooming right through to end of life care.
If you want to ensure you live life as you would have wished, even if you become dependent upon others to do so, then making a LPA at a time when you are able to make a fully considered decision is a must.
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