Why Make an LPA
Why make a lasting power of attorney
With more than 944,000 people living with Dementia in the UK, it is becoming more and more important to make sure that suitable legal documents are put in place.
Lasting Power of Attorney documents (LPAs) can be extremely useful during your lifetime. An LPA is a legal document that allows named individuals (known as attorneys) to assist you during your lifetime. If you cannot make a decision yourself, or you need some assistance in the future, your named attorneys can assist you, if you ask them to, or make the decision as though they are you.
There are two types of LPA which you can prepare. The most common type of LPA is the property and financial affairs LPA. This LPA deals with your financial affairs; for example, access to bank accounts, transferring money, paying invoices, paying for care in the future and also gives your attorney the authority to buy and sell property on your behalf.
The financial LPA can be used whilst you are still of sound mind. Let’s say you understand the decision which needs to be made, however you cannot physically carry out the decision (attending the bank, calling the utility company) then you can ask your named attorneys to act on your behalf, and carry out the decision/transaction for you.
The second type of LPA is a health and welfare LPA. This type of LPA allows your named attorneys to make medical and care decisions on your behalf, when you cannot make the specific decision for yourself. This could be a basic welfare decision, such as your dietary requirements or the consent to medication, hospital treatment and surgery but also life-sustaining treatment decisions.
Having an LPA in place gives you peace of mind for the future, so should anything happen to you, you know that loved ones can assist you, when you need help or if you cannot make any decision for yourself. There is no suitable time to prepare the LPA documents, however, the sooner in life, the better. You need to be of sound mind to prepare the documents.
You are free to appoint whoever you wish as your attorneys, but they must be people who you trust. Unfortunately, you cannot add in additional people at a later date, but you are able to remove a named attorney, should you feel the need to do so.
Avoid delays
By putting in place an LPA now, you are potentially eliminating the need to apply to the Court of Protection, for a financial deputy to be put in place. Court of Protection applications are time-consuming, and you could be looking at anywhere from 2-12 months for an Order to be issued.
Registering an LPA with the Office of the Public Guardian takes approx. 2-3 months.
For more information on LPA documents, please contact our private client manager, Michael Cressey.
