Why Is Making a Lasting Power of Attorney so Important?

Many people have probably heard professionals saying that Lasting Powers of Attorney are arguably more important than any other document, but why is this the case?

There are two types of Lasting Powers of Attorney (LPAs). One to deal with your property and financial affairs and another to deal with your health and welfare decisions. Both are incredibly important to ensure that you have people you know and trust to deal help you with decisions if you lose your mental capacity.

If you do not make LPAs whilst you are able to do so, an application for a deputyship order will need to be made to the Court of Protection should you lose mental capacity in the future. This process is costly, time-consuming and can be incredibly stressful for your loved ones. The court of protection may also appoint any person to manage your affairs and this person may not be somebody you would have personally chosen if you were able to do so.

Making LPAs allows you the opportunity to have discussions with your chosen attorneys and advise them on your preferences in relation to certain decisions. This is particularly important when it comes to the Health and Welfare LPA as you can ensure any decisions that are made on your behalf about your personal wellbeing and care are in keeping with the decisions you would have made had you been able to do so.

It is important to consider making LPAs as early as possible. LPAs need to be sent to the Office of the Public Guardian for registration before they can be used. This process can take a number of months and delays can occur. Preparing the documents and sending them for registration as soon as possible enables you to let the LPA sit in the background, ready to use if needed.

The LPA for Property and Finances is particularly useful as it can be used with your consent once it has been registered, even if you have mental capacity. This means that if you have an accident and are unable to leave the house, you can authorise your attorneys to manage your day to day finances.

Discussing your affairs and the idea of losing your mental capacity can be very daunting but having these conversations and getting your affairs in order is protection for you. Think of an LPA as a safety net. You may live the rest of your life without ever having to use it, but consider what would happen if you become ill or have an accident and are unable to make decisions for yourself. With an LPA you have the certainty of knowing that your loved ones can help you.

To discuss putting LPAs in place, please contact a legal adviser in our Private Client team who will be happy to talk to you about your personal circumstances and how we can help.