Lasting Powers of Attorney

None of us like to think about losing the ability  to manage our own affairs and to make decisions regarding our finances and welfare, but it does happen!

An estimated 700,000 people have dementia – including one in five of those over 80.  Brain injuries or mental health problems render others incapable of making their own decisions.  So it is important to put arrangements in place early, so if that day comes, someone we trust and who loves us can make those important decisions on our behalf.

You can create two types of LPA:

Property & Affairs LPA
This allows you to choose someone who will ensure that all your property and financial affairs will be looked after. For example, operate your bank account, sort out your tax and decide what to do with your home. You can however impose restrictions: eg, preventing them from selling a second home, which you had left to a relative in a will.

Personal Welfare LPA
This allows you to choose someone to make decisions about your healthcare and welfare.  This includes decisions to refuse or consent to treatment on your behalf and deciding where you live and even what you wear.

How many people should you appoint and whom?
You may not be able to check up on your appointed attorney yourself if you become incapable, so it may be a good idea to appoint more than one person to help prevent abuse of the responsibility. Choose people you can trust to act in your best interests. Consider how well they look after their own financial affairs and whether you can trust them to use your money to meet your needs.

It’s a long, exasperating and expensive procedure to have the Court of Protection rule on who can deal with your affairs. Most people want them to be handled by a spouse, partner or children (who are invariably still around). These are people who can take care of you and of course they have your best interests at heart.

This can be avoided by having a Lasting Power of Attorney drafted and signed whilst you still have the mental capacity to do so.