The Importance of getting LPAs in place  

What is a Lasting Power of Attorney: 

Lasting Powers of Attorney (LPAs) are vital legal documents which allow your loved ones and trusted individuals to make decisions on your behalf should you lose mental capacity. There are two types of LPAs, the Property and Financial Affairs (P+F) and the Health and Welfare (H+W) each serves a different and important role in protecting your wishes and interests. The P+F LPA allows your appointed attorneys to manage your financial matters from handling bank accounts and paying bills through to selling or renting your property. The H+W LPA allows your attorneys to make decisions on everything from your care needs through to decisions regarding life-sustaining treatment.  

Benefits of having an LPA: 

LPAs provide peace of mind that someone you trust can manage your affairs when you are no longer able to. This helps reduce stress not only for yourself but for your loved ones as well.  

They also help to avoid legal complications if you were to lose capacity without them in place. Without an LPA your family may need to apply to the Court of Protection to get a Deputyship Order which can be a lengthy and costly process. 

LPAs also give you more control over your decision making by allowing you to leave preferences and instructions to your attorneys so that they can exercise your wishes for you when needed. 

Other important information 

Many people are unaware that when a person loses mental capacity, banks and other financial organisations can choose to freeze their accounts and this includes jointly owned bank accounts and property. Without an LPA these can’t be unfrozen until a Deputyship Order is put in place. This can leave both you and your loved ones in a very tricky position with no access to your finances. 

LPAs are often associated with age, however once an LPA has been put in place it will remain ready to use unless the donor revokes it. Capacity can be lost at any age through an accident or illness and once that happens, it is too late to create an LPA. LPAs are an important part of planning for the future for people of any age. 

If you’d like advice about setting up a Lasting Power of Attorney, please get in touch with our team.