Why Do I Need Lasting Powers Of Attorney?
These are official documents which are registered with the Office of Public Guardian so that in the future if you ever lose capacity (losing the ability to make any decisions for yourself, through accident or illness) for whatever reason. In advance you have already appointed your family or people you trust rather than let the Government take control through the Court of Protection.
I have already appointed my family as Executors in my will
Your Will only come’s into effect when you die! Lasting Powers Of Attorney will ensure that your loved ones or people you trust can make decisions about your finances and health whilst you are alive.
I have a partner/spouse won’t they take care of my finances and health?
No! you have to appoint them as your attorney, even where you have joint accounts, they will be frozen as the Government will be protecting your half of the funds in that account, any direct debits, mortgage, rent, council tax etc will not be paid. Your partner or loved ones will then have to apply to the Court of Protection to become your Deputy and this is a process which will potentially cost 10 times more than putting your LPA’s in place today.
You may remember that Kate Garraway the TV presenter whose husband was incapacitated due to COVID could not even SORN his vehicle which had run out of Tax and she encountered all sorts of problems with finances and wishes that they had both had Lasting Powers of Attorney. You may also remember the case of Ylenia Angeli who was arrested as she tried to remove her Mum from a care home who had Dementia and that was because the family did not have Power of Attorney for her Mum’s Health & Welfare.
I’m in perfectly good health at the moment I’ll wait until I get diagnosed with Dementia or Alzheimer’s and then do it!
Not everyone sees it coming or acts quick enough and once diagnosed as having lost capacity it’s too late! Besides this is not just about Dementia or Alzheimer’s it can be any circumstances where you are not in a position to make decisions for yourself. People who were incapacitated due to COVID for example or people who have a stroke, even if you are incapacitated for a short time, you need to know that your bills are going to be paid or someone you want to look after your health is doing exactly that and when you do regain capacity the status quo has been maintained.
What are the benefits of making an LPA?
Lasting powers of attorney (LPAs) can help to make things easier for you and the people you are close to if you lose capacity through accident or illness. There are many benefits of having an LPA in place – some of these are listed below.
It can be reassuring to know that, if you are unable to make a decision for yourself in the future, someone you have chosen and trust will make that decision for you.
With a property and affairs LPA, you can allow your attorney to make decisions even if you can still make them yourself. You don’t have to choose this option but it can be a useful way of giving yourself some extra support. It can also help your attorney to get familiar with all your financial and legal arrangements.
Making an LPA now will make things easier for the people close to you in the future. It will be more expensive, difficult and time-consuming for them to get permission to act on your behalf through the Court of Protection when you are not able to give your consent.
Making an LPA can start discussions with your family or others about what you want to happen. This means decisions they have to make in the future will be based on your wishes.
What will my attorneys control and how many can I have?
A lasting power of attorney (LPA) is a legal document that lets you (the ‘donor’) appoint one or as many people as you like (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf for property & financial matters as well as health & welfare.
This gives you more control over what happens to you if you have an accident or an illness and cannot make your own decisions (you ‘lack mental capacity’).
Do I lose control of my money when I sign an LPA for Property and Financial Affairs?
No, not at all. Whilst you still have mental capacity you retain complete control over your finances, in the same way as if you had not signed an LPA. However, if you have an accident or require some assistance whilst you are in hospital during COVID was a perfect example your attorneys can assist you and carry out any instructions you give them. You can then take over full control when you are able to.