Have you ever thought about what would happen if you lost the ability to make decisions for yourself? Who would take care of your finances or make important healthcare decisions on your behalf? This is where the importance of having a Lasting Power of Attorney (LPA) comes in.

An LPA is a legal document that allows you to appoint someone you trust to make decisions on your behalf, should you lose the ability to do so yourself. This person is called an attorney and can be a family member, friend, or a professional. There are two types of LPA: one for health and welfare decisions, and one for property and financial affairs.

Having an LPA in place means that you can have peace of mind knowing that your affairs will be taken care of by someone you trust. It also avoids the need for the Court of Protection to appoint someone to manage your affairs, which can be a lengthy and costly process.

The major disadvantages of not having a Lasting Power of Attorney in place are firstly the delay in dealing with your affairs and secondly, the cost of making a Deputyship application which is likely to be much more expensive than making a Lasting Power of Attorney. There are also on-going yearly costs payable to the Court of Protection and the person appointed as your Deputy may not be someone you would have chosen i.e. a professional deputy rather than a family member.

People lose mental capacity because of illness, accident and conditions such as dementia and this can happen at any age. In addition, the Property and Affairs LPA can be very useful for people who need extra help with managing their household finances from time to time. It can also be restricted to business interests only which is often helpful for business owners who may travel and require a responsible person to act in their absence for example.

At Promise Wills, we understand the importance of having an LPA in place. Our team of legal experts can provide you with tailored advice on the best type of LPA that suits your unique situation. We can also ensure that your LPA is legally watertight and complies with all the relevant laws and regulations.

It is important to note that an LPA can only be made whilst you still have mental capacity. This means that it is essential to put one in place as soon as possible to ensure that your wishes are followed in the future.

Having an LPA in place is crucial to ensure that your best interests are protected in the event of losing capacity. At Promise Wills, we are committed to providing you with the peace of mind that comes with knowing your wishes will be followed, should the worst happen. Contact us today to discuss how we can help you put an LPA in place.

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