Why is a Lasting Power of Attorney (LPA) so important anyway?
Liz Woodward | Wills & Probate Executive
This is a question that is often asked, along with – ‘Why can’t I just handover my bank card and my son/daughter do my shopping using contactless? ‘
The answer is simple, you can’t just hand over your contactless card without the legal rights in place, the person you hand it to could potentially be in serious trouble if they use it.
A simple solution is to take out an LPA for Property and Financial affairs, by doing this you are giving those that want to help the legal right to do so. Once registered it can be lodged with your bank and your attorneys will be added as authorised users of your accounts, they can then do your shopping without fear of any repercussions.
An LPA does far more than allow help with your shopping though. Your attorneys can deal with any financial transaction that you would normally deal with yourself. The COVID-19 pandemic has highlighted the need for LPAs more than ever with people self-isolating and unable to get out and about.
You should also consider a Health & Care LPA. If you lose capacity, or become so ill that you cannot make your own decisions, you want the peace of mind to know that the people making those important decisions are the people who know you best. A Health & Care LPA would allow them to do that. Often without the Health & Care LPA in place the medical professionals will not allow anyone else to make decisions for you. The LPA gives the people you appoint the power to make those decisions when you are at your most vulnerable.
Lastly it is also a potential huge cost saving to make LPA’s now because if you do not get them in place and then lose capacity your loved ones will need to apply to the Court of Protection for a deputyship order. This is far more costly, time consuming and greater reporting requirements to the court when in place.
If you would like any help or would like to ask our Wills & Probate team a question then you can do so here.