We would all like to have a crystal ball to predict what the future holds but the truth is that none of us can predict how long we will live nor what our health will be.
“Power of Attorney” is an expression most of us associate with getting older and needing someone else to deal with matters on our behalf. This is a common misconception.
Tristan Lewis, Wills & Probate Solicitor, Tayntons LLP, Gloucester explains, a Lasting Power of Attorney (“LPA”), like a Will, is a document we should all have - regardless of age. There are two types; one which deals with finances and the other which deals with personal welfare. The person making the LPA chooses the people they trust to make decisions for them, particularly if they’re unable to do so themselves in the future.
Many people wrongly assume that their family or trusted friends will be able to automatically deal with things for them if they become incapable. Over the years we’ve seen many people who have, for example, been made second signatory on their mother, father or friend’s bank account to assist with arrangements to pay their bills etc only to find later on that the bank won’t deal with them if the account holder loses capacity. By then it’s too late to set up an LPA.
There are other everyday scenarios where an LPA could be vital. For example, you could be stuck abroad and unable to deal with things at home or you could suffer a temporary illness (perhaps the flu) or a more permanent condition (for example, a brain injury). In any of these situations an LPA would allow the people you trust to make the decisions that need to be made on your behalf.
Many people are sceptical about the need for an LPA because they fear that if they make one they’ll immediately lose control of their affairs. That isn’t the case. They’ll continue to be able to make decisions for themselves for as long as they have the capacity to do so. Subject to any restrictions put in the LPA, the attorney will also be able to make decisions and it’s worth making the point that one of the principles underlying the law about LPAs is that attorneys should actively encourage the person making the power to make decisions for themselves wherever possible.
With an LPA you have the ability to choose for yourself who you trust to deal with your affairs for you in various situations. Without one you’re relying on that same person or persons applying to the Court of Protection to be made your Deputy if you become incapable. They may not feel able to do that and importantly a Court of Protection application is much more costly than an LPA.
It’s possible to compare an LPA with a type of insurance – you hope you’ll never need it but it’s reassuring to know it’s there.
For clear and practical advice on Wills, Trusts and Probate contact Tristan Lewis 01452 509094
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