The importance of making a Lasting Power of Attorney (LPA) cannot be overstated but is often overlooked even by those of us who are conscientious about making a Will and therefore providing for others and not ourselves by failing to make an LPA. Part of the reluctance to make an LPA is governed by the fact that many people don’t understand the benefit of having an LPA in place and as such are often suspicious of them.
Quite simply an LPA exists for the benefit of the person who makes it. It means that if you create an LPA and ever become unable to manage your own affairs then the person who you would want to step in and take over your affairs on your behalf can do so.
There are all sorts of reasons that a person may not be able to manage their own affairs the most notable one being the onset of dementia which is commonly associated with old age. However it is an unfortunate fact that many other things in life can result in such a condition, for example a serious accident that can render a person temporarily or permanently unable to manage their own affairs. Things are bad enough for the person who find themselves in such a dreadful position but the consequences for their immediate family who are unable to access their funds to help with care or other essential expenses can only add to the stress and worry at such a time.
The absolute truth is that by having an LPA in place and by appointing an attorney that you would trust to administer your affairs should such circumstances arise allows the hardship of what has happened to be lessened both on yourself and potentially your family.
Having an LPA does not mean that the moment it is signed you have signed away control over your own life. An LPA can only be used by your attorney when it is clearly the case that you can no longer administer your own affairs.
Equally it is important to bear in mind that you can only make an LPA while YOU DO HAVE the capacity to do so. Many people often assume that they can make an LPA when things start to go wrong but in many cases this is often too late as they are deemed to already lack the legal capacity to appoint an attorney. In these circumstances the only alternative that is open to your next of kin is to make an application to the Court of Protection which can be an expensive and time consuming process which often only gives your family a limited say over your affairs.
For more information and confidential advice please contact Howard Dapin on 0113 225 8811
