October 27, 2023
The thought of losing our capacity to make decisions about our health and welfare, as well as our property and financial affairs, is not something that we like to dwell on. However, the reality is that it can happen at any time, due to illness, injury, or age-related degeneration.
For this reason, it is essential to make a Lasting Power of Attorney (LPA) whilst we have the capacity to do so.
Below we will look at the top 10 reasons why you should make an LPA and why it is essential to do it sooner rather than later.
1. You get to decide who will look after your affairs:
Making an LPA allows you to choose someone you trust to manage your affairs, should you become unable to do so. If you do not make an LPA and lose mental capacity, an application will have to be made to the Court of Protection to appoint a deputy. This process can take up to 9 months and can cost considerably more in legal and court fees.
A deputy would be monitored by the Court of Protection and each year would need to pay fees such as security bonds, assessment, and supervision fees. These would be paid from your assets.
Making LPAs whilst you have capacity will save money in the long term should you lose capacity.
2. Your attorneys can make life-sustaining treatment decisions:
Under a Health and Welfare LPA, if you lose mental capacity, your attorneys can make decisions about life-sustaining treatments on your behalf. This includes decisions about whether you receive or do not receive life-sustaining treatment. This can be a crucial decision in some cases, and having a trusted family member or friend able to make that decision for you can provide peace of mind.
3. Your family will not be left in a difficult situation:
Without an LPA in place, your family will not have the legal authority to make decisions regarding your health and welfare or manage your financial affairs. This can put them in a difficult situation, especially if there are disagreements amongst family members about what decisions should be made and who should make them. Making an LPA can provide clarity and ease of mind for all involved.
4. Your attorneys can assist you even if you have capacity:
If you need assistance with your financial affairs but still have mental capacity, your attorneys can provide help provided you specify it in the LPA. This can be useful if you are struggling to keep on top of financial affairs, or if you prefer to have someone else manage them.
5. Your attorneys can make decisions about property and finances:
Under a Property and Financial Affairs LPA, your attorneys can make decisions about your property and finances. This includes paying your bills, buying or selling property, paying your mortgage, investing money and maintaining your property. Having someone you trust to manage your finances is essential, especially if you lose capacity suddenly.
6. Your attorneys can make decisions about where you live and what treatment you receive:
Under a Health and Welfare LPA, your attorneys can make decisions about where you live, what treatment you receive, what you wear, who you see, and what you eat. These powers only activate once you lose capacity, but it is essential to have someone you trust make these decisions for you.
7. Making LPAs will save your loved ones from unnecessary stress:
Making LPAs will save your family from unnecessary difficulties and stress should you lose capacity. Without an LPA, they will not have the authority to access your funds and make decisions in your best interests. Having an LPA in place can provide clarity and peace of mind for all involved.
8. LPAs give you the authority to make your own decisions:
Making an LPA does not mean that you lose control over your decisions or that your attorney can make decisions without your consent. You can specify the powers that you grant to your attorneys and can also make decisions whilst you have the capacity to do so.
9. LPAs can be updated or cancelled at any time:
LPAs can be updated or cancelled at any time whilst you have the capacity to do so. This means that you can change your mind about who you would like to appoint, or if you feel that the LPA is no longer necessary, you can cancel it.
10. Making LPAs is a responsible thing to do:
Making LPAs is a responsible thing to do as it ensures that your wishes are respected when you lose capacity. It also provides clarity and peace of mind for your family, knowing that they can manage your affairs according to your wishes.
Making an LPA is an important decision that we should all consider, regardless of our age or health. It is a simple process that has long-term benefits for all involved. Having an LPA in place can provide clarity and peace of mind for our loved ones, allowing them to manage our affairs according to our wishes should we lose capacity.
Speak with one of our team today to find out how we can help you make your Lasting Power of Attorney.
Categorised in: Lasting powers of attorney
This post was written by Tayntons