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Many people leave making a Lasting Power of Attorney (whether it’s for your health and welfare or your finances) until it’s too late and they have lost mental capacity. In this instance, then your family and loved ones will have to apply to the Court of Protection for a Deputyship Order as, without an LPA in place, not even your wife or children have the power to manage your affairs.
What is a Lasting Powers of Attorney?
The purpose of an LPA is to give someone, or more than one person (known as attorneys), the authority to make decisions your behalf, should you lose mental capacity in the future. For a health and welfare LPA for example, your attorneys can make decisions about things such as where you live and what medical treatment you receive.
For a financial LPA, your attorneys can carry out key tasks on your behalf such as paying your bills, selling your house and collecting your pension.
Many people still believe that they don’t need an LPA of any kind as their family has said that they will take care of them. However, the reality is that if you lose mental capacity, your family will not have the power to manage your affairs unless you have an LPA in place.
Repercussions if you don’t have an LPA in place
So what happens if you do lose mental capacity without having an LPA in place? This is not an uncommon scenario unfortunately with many families find themselves in this situation every year. If a family member has become incapable of looking after themselves due to loss of mental capacity, infirmity, illness or injury, but has not made an LPA, the family is in limbo, as they do not have the ability to manage their loved one’s affairs.
To gain this level of authority, a family member must apply to become a Deputy which, compared to having made an LPA, is a far more complex option. Firstly, it is much more expensive; plus the process can take many months to complete. Importantly, there are far more restrictions placed on deputies than attorneys, and you have additional responsibilities to fulfil, such as having to provide annual deputy reports.
What’s more, anyone can apply for a Deputyship Order. This means that decision-making powers may be given to someone you would not have chosen. By making an LPA, you control exactly who manages your affairs, and how they are managed.
A Lasting Power of Attorney with Swansea Legal Solutions
In summary, a Lasting Power of Attorney allows you to prepare for the worst. If you do lose mental capacity in the future, it means the necessary plans are in place and someone of your choosing can step in straightaway and start managing your affairs.
At Swansea Legal Solutions, we are currently running an offer on LPA’s throughout August 2022. The first 50 people who book with us will get their new LPA for just £225 + VAT.
To find out more call us today on 01792 420844 or read more about this service here.
