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
Covers decisions regarding:-
Covers decisions regarding:-
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
For more information on the other services Avery Walters offer visit their Partner Page on North Leeds Mumbler
Email: nt@averywalters.com / ls@averywalters.com /sp@averywalters.com