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Why We All Should Make A Lasting Power Of Attorney
- AuthorJCP Solicitors
Whilst we do not like to think about it, the number of those suffering with Dementia and Alzheimer’s is on the increase. Also due to a more advanced health service we are more likely to survive an illness, such as a stroke and heart attack. Both of these things mean that more and more people are living longer but without the capacity, either physically or mentally, to deal with their property and financial affairs.
This sounds a depressing picture, but the important thing to remember is to be prepared. This can minimise the negative effect if this should happen to you. Whilst many of my clients realise the importance of putting in place a Will, not so many realise that a Lasting Power of Attorney – Property and Financial Affairs (LPA) can be just as important.
An LPA is a legal document that you prepare when you are fit and well, appointing an Attorney/Attorneys who will deal with your property and financial affairs if you are no longer able to do so. Once the document has been prepared and registered with the Office of the Public Guardian then your attorney can step into your shoes and deal with financial matters on your behalf.
People may assume that if they lose capacity their wife or children can automatically deal with things on their behalf. This is not the case. No one would have authority to make decisions or sign documents on your behalf. It would then be necessary for the Court of Protection to appoint a deputy. This can be a costly and lengthy procedure, and also takes control away from you to decide who should deal with such important matters for you. The delay in dealing with this could have a drastic effect on you and your family’s life, until the Deputy is appointed, which could take up to six months.
The important thing to remember is that an LPA can only be prepared whilst you have the required capacity.
The message to take away is not to leave matters until it is too late and to plan for the future by preparing an LPA.
For more information contact our Lifetime Planning team at one of our local offices on email@example.com or telephone:
Swansea - 01792 773 773
Carmarthen - 01267 266944
Haverfordwest - 01437 764723
Fishguard - 01348 873671