Having a registered Lasting Power of Attorney is the only way you can choose who you trust to manage your affairs if you lose capacity and are unable to do so yourself. As this is an important decision, you need to choose those you trust to be your Attorney(s) and set out within the document how you wish your affairs to be conducted.
Many people think that you don't need to do this until later in life, however life is never simple, and by preparing an LPA earlier in life, it is there to be used as and when needed. So please don't delay, as the cost of requiring authority to deal with your affairs in the absence of a Lasting Power of Attorney means applying to the Court of Protection for appointment of a Deputy which is much more costly.
The benefits of obtaining Lasting Powers of Attorney with us outweigh the cost in time, money and stress later on.
You can choose when it can be used and how. You can continue dealing with your own affairs as you normally would and your rights are protected in law..
This separate LPA only comes into effect if you lose mental capacity. It gives your chosen Attorney(s) legal powers they would not otherwise have over issues such as medical treatment and other lifestyle choices.
For us, early preparation is key - you must have capacity at the time you sign your LPA.
We are often asked which one is best or has most priority? Because of our previous experience, we would suggest that both have equal importance, because although the Finance and Property LPA can be used before or after loss of mental capacity, the Health and Welfare one is only valid if you actually lose capacity - and we are sadly not just talking about later life conditions such as Dementia/Alzheimers, other conditions can lead to the same loss of capacity such as a stroke or accident. (The list is certainly not exhaustive, but just illustrates that LPAs are not for the later lifers!
For those who are running their own business, be it sole traders, partners or Company Directors, not only is it prudent to have the individual LPAs as detailed above - but also to make specific LPAs for financial decisions in respect of your business.
For example, you could be away overseas and suffer a physical injury or incapacity that means you are unable to return to the UK, you may need someone back in the UK to make decisions relating to your business if you can't.
Equally, if you were to be diagnosed with a medical condition or have an accident which affects your mental capacity to make decisions then again you need to ensure that someone is appointed to pay supplies, authorised to sign contracts, authorise payroll and of course access the finances of the business.
Often the people that you would appoint as Attorneys for business decisions are different to those for your personal affairs.
Also you would restrict the Business LPA to just that - only business decisions.
Copyright © 2023 Will Writing Solutions - All Rights Reserved.
Powered by GoDaddy