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Why a Lasting Power of Attorney isn’t just for old age

It is common knowledge that we should all have a will, or we take the risk that our wishes may not be abided by, but all too often we do not even consider giving a Lasting Power of Attorney (LPA) or just put it off to a later date, by which time it may well be too late.

There is also a misconception that an LPA has to be something that you only need to consider once you reach a certain age but anyone can lose capacity at any point in their lives, whether it be through an accident or illness. The Alzheimer’s Society estimates that by 2025 there will be one million people that will be living with Alzheimer’s and it will be essentially impossible for these people to deal with their own finances.

An LPA appoints someone you trust to deal with your finances and/or health and welfare in the event that you lose mental capacity at some point in the future. An LPA could be considered as an insurance policy of sorts as it may never be used but just in case, it is there. LPAs are a legal document that are recognised by all financial institutions, care homes and local authorities etc. so your chosen attorney will simply need to present the document to the relevant institution in the event you lose capacity.

Appointing an attorney before you actually need one gives you the peace of mind that your affairs will be managed how you want them to be. It’s not possible to create an LPA once you’re unable to make your own decisions so if you think you would like an LPA; it’s something that you should consider putting in place as soon as possible.

There are different types of LPAs depending on what areas of your life you would like an attorney to have control of. To be valid, an LPA must be registered with the Office of the Public Guardian. 

At QualitySolicitors J A Hughes we can help with all aspects of creating an LPA – from choosing an attorney and deciding what type of LPA is right for you to correctly registering the documentation. Contact us today on 01446 411 000 or reach out directly to our Private Client Partner, Duncan Kennedy or Associate Solicitor, Megan Jones.

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