The importance of Lasting Powers of Attorney

You will have likely heard of Lasting Powers of Attorney (LPA), possibly in relation to elderly relatives, but do you have one in place for yourself?

An LPA provides the legal framework for someone you trust to make key decisions on your behalf if you lose mental capacity.

That could be when you’re older and possibly develop dementia or if you were to sustain a head injury in an accident, for example.

The problem can be, if it is something unexpected, it is often too late to do anything about it as once someone has lost mental capacity, you can’t set up an LPA and you must apply to the Court of Protection.

This is often an expensive and time-consuming process.

There are two types of LPA, one relating to health and care decisions and one relating to financial decisions.

Many assume that a family member will be given the legal right to make decisions on their behalf, but this isn’t always the case. It is sensible planning for everyone to get LPAs set up, think of it as a type of an insurance policy, you hope you will never need them, but they are in place if you do.

Incapacity can strike anyone at any time and putting an LPA in place ensures that someone you trust will look after your affairs if you become unable to do so.

If you would like more information on setting up an LPA or would like to discuss the financial considerations in more detail, please get in touch.