Lasting Powers of Attorney or LPAs – Most people will have heard of them but not everyone understands them and those that do often dismiss them as something they may need in their old age and don’t really want the bother or expense to deal with now.
Therein lies the problem – if you leave it until you need it often it is too late, you will have missed the boat leaving both you and your loved ones in a financial mess. Our specialist wills and probate lawyers in Leicester, Blaby and Coalville can help ensure this doesn’t happen.
In order to take out an LPA you must have the mental capacity to do so, if you no longer have mental capacity then your family would need to make an application to the Court of Protection to appoint them to deal with your affairs; this can be extremely costly, time consuming and stressful for your family at what is often a difficult time.
The benefit of having an LPA in place is that it allows you to plan in advance how you would like decisions to be made on your behalf and allows you to appoint someone you trust to make those decisions.
LPAs should be looked upon as a kind of insurance; they are something that everybody should have to fall back on in case of need. It is a common misconception that they are just for the elderly – yes they are extremely useful for an elderly person but they can become a necessity at any point in a person’s life. Even the young can find themselves in a situation where they need to rely on someone they trust to deal with their affairs, if they have an LPA in place the problem is easily and quickly solved.
There are two types of LPA – Property & Financial Affairs and Health & Welfare.
The Property & Financial Affairs LPA allows your appointed attorney(s) to make decisions including buying and selling your property and other assets, dealing with your day to day bills, operating your bank accounts and claiming benefits on your behalf. This type of LPA can be used as soon as it is registered, but it does not prevent you from operating your own affairs at the same time. For example if you are hospitalised for a short time a Property & Financial Affairs LPA would allow your appointed attorney(s) to deal with your accounts while you are temporarily out of action, once you are recovered you could then continue as before.
The Health & Welfare LPA allows your attorney(s) to look after your day to day needs such as your diet, dress or daily routine, whether you stay in your home or if needs be which care/residential home you should move to and, if you authorise them to, they can make the important decision about life sustaining care rather than leave the choice solely to the health officials. This type of LPA must also be registered before it can be used but can only come into force if you lose mental capacity.
If you have any questions about LPAs, or would like confirmation of our fees, we would be happy to assist.
Josiah Hincks have offices in Leicester, Blaby and Coalville and you can be seen by a specialist power of attorney lawyer at the location nearest to you. Josiah Hincks Solicitors have been in practice for 86 years – we are a trusted name for great quality legal advice in the region.
This article is for information only and should not be taken as legal advice or relied upon to any extent. Every case is different and should be considered on its own facts and merit.You should seek independent legal advice.