Martin Lewis Recommends: Power of Attorney

Do you live in Wales or England and need a Power of Attorney? Leading money-saving expert Martin Lewis has recently shared his advice on the subject here saying that a Power of Attorney (known as a Lasting Power of Attorney) is not just for older people, it is for everyone. In this blog, Director and Head of Lifetime Planning in our Swansea office, Beverley Bowen, explains what an LPA is and why you may need one.

Please be aware this advice is applicable to those living in Wales and England.

What is a Lasting Power of Attorney (LPA)?

LPAs are legally binding documents in which the person making the LPA (known as the donor) gives authority to people (known as attorneys) to make decisions on their behalf when they are incapable of making decisions themselves.

The chosen person, whether it is a family member, a friend, or a solicitor, has a crucial role in managing financial, property or medical decisions for the ‘donor’. Therefore, an Attorney should be a trusted and reliable individual.

In a recent episode of ITV's The Martin Lewis Money Show Live, Martin Lewis highly recommended putting LPAs in place. He expressed: “Power of Attorney is not just for the elderly. Everybody should be considering one.”

Whilst many of us realise the importance of putting a Will in place, not so many realise that LPAs are just as important. Martin Lewis explained: “Power of Attorney is more important than a Will. A Will decides what happens to your assets if you die. Power of Attorney [decides] what happens to your assets if you lose your faculties.”

Overall, preparing an LPA is vital to ensure your wishes are carried out if you are ever in a situation where you can no longer make decisions for yourself.

Why should I consider an LPA?

At JCP Solicitors, we will always discuss LPAs when it comes to lifetime planning. While it is not pleasant to think about losing capacity unexpectedly, unfortunately, the unexpected can occur. Preparing for the future whilst we are our healthy selves will prevent issues for you and your loved ones further down the line.

You must have the required legal understanding (called capacity) to prepare an LPA. If you do not have capacity, this is when a deputyship application becomes necessary. You would need a doctor’s report confirming the lack of capacity as part of this application process.

In a situation where the unexpected does become reality and you lose capacity without an LPA in place, the only option available is for someone to apply to the Court of Protection to be appointed as a Deputy. This can be a long and costly process - a scenario best avoided if feasible. JCP Solicitors is here to make the LPA process as easy and stress-free as possible. We discuss the LPA in thorough detail and offer personalised advice to ensure you understand the process.

Where we are asked to advise regarding Lasting Powers of Attorney, we recommend that if at all possible, we meet with you in person. This enables us to fully understand you and your individual circumstances and also allows you to provide us with the documentation we require. We have offices across South Wales. If you are not local to our offices, and a virtual meeting is not possible, then we would recommend contacting your local solicitor who will be able to provide you with a full tailored service.

Deputyships (when capacity is lost)

We advise on deputyships if a loved one has already lost capacity. Our specialist Court of Protection team can assist family members in making an application for their appointment as Lay Deputy, which would allow them to manage their loved one’s property and financial affairs. JCP Solicitors can also be appointed as Professional Deputy, taking responsibility for providing day to day support to those who can no longer manage their own affairs, by making important decisions in their best interests and ensuring they have everything they need to be safe, comfortable and content.

Find out more about how JCP Solicitors can help you with your LPAs by calling Beverley Bowen at: 01792 525458, or email beverley.bowen@jcpsolicitors.co.uk

For advice on setting up a Deputyship, contact our Court of Protection team by calling Claire Edwards on 01792 525461 or email claire.edwards@jcpsolicitors.co.uk