Why Make a Lasting Power of Attorney?

One for the Grandparents

Why make a Lasting Power of Attorney? – Who will make decisions about your finances and health when you no longer can?

We all know that we should write a Will, but too few of us know we should also consider a Lasting Power of Attorney (LPA) to make provision for our loss of capacity to manage our affairs during our lifetime.

With an ageing population, and many more people being affected by dementia, the need to have someone in place to make decisions about your property and finances and your health and welfare, when you no longer can, is higher than ever.

According to the Alzheimer’s Society there are currently around 850,000 people with dementia in the UK, affecting 1 in 6 over the age of 80. Numbers are set to rise to 1 million by 2025.

Types of LPA

• Property and Financial Affairs

Covers decisions regarding:-

• Buying and selling your house or other assets
• Operating your bank and building society accounts
• Claiming benefits on your behalf
• Tax affairs
• Paying bills/mortgage
• Investing money

• Health and Welfare

Covers decisions regarding:-

• Living accommodation and care
• Medical care – including consenting to or refusing treatment on your behalf
• Day to day matters such as diet and dress, who you should have contact with and what activities you should take part in.

Who can I appoint as my attorney?

You can appoint one or more than one attorney to act on your behalf either jointly (together) or jointly and severally (independently).

How do I make an LPA?

An LPA document needs to be completed and signed by you and your attorneys setting out any preferences and instructions.

To protect your interests the LPA must be signed by a Certificate Provider who confirms that you understand it and have not been put under any pressure to sign it.

The LPA must be registered with the Office of the Public Guardian before it can be used.

What if I don’t have an LPA?

If you don’t have an LPA and become incapable of managing your affairs an application may have to be made to the Court of Protection to appoint a Deputy. This process can be very lengthy and costly.

Conclusion

We recommend, as do most leading charities who care for the elderly, that you have an LPA in place.  LPAs are recognised by banks, building societies and other financial institutions and can be set up relatively cheaply.

For further information please contact Nicola Troyna, Laura Stafford or Sara Parascandolo on 0113 2007480

Email: nt@averywalters.com / ls@averywalters.com /sp@averywalters.com

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