Mental and physical incapacity can hit at any time and isn’t just preserved for the elderly, which is why we always recommend planning ahead to ease the potential burden on loved ones. We all know that we should write a will, but far too few of us know or understand we should also consider something called Lasting Powers Of Attorney.
By 2025, more than 1 million people in the UK will have dementia, according to the Alzheimer’s Society. One in five people over 85 already suffers from it. Incapacity isn’t just as a result of old age, you could be effected as a result of an accident and physical incapacity, stroke or other illness induced conditions. With your family facing the reality dealing and coping in this situation the last thing you need is additional bureaucracy and red tape.
A lasting power of attorney (LPA) gives another individual/individuals (chosen by you whilst you are of sound mind) the legal authority to look after specific aspects of your financial affairs or health and welfare should you lose the capacity to do so yourself. If you do not have an LPA in place and later become mentally incapacitated, relatives may face long delays and expense in applying to the Court of Protection to get access and take control of your assets and finances let alone be able to make decisions on your care needs. Joint assets such as savings accounts and investments can be frozen placing significant financial strain on the remaining partner or family. It can take months and cost £1,000’s of pounds to then access these assets.
LPA’s are legally binding documents designed to be recognised by financial institutions, care homes and local authorities, as well as tax, benefits and pension authorities. They are legal documents that can be set up relatively cheaply, without the need to involve a solicitor. We advise all clients arrange Lasting Powers Of Attorney alongside their wills.
