An important reason to consider granting someone Power of Attorney is to have a Lasting Power of Attorney (LPA) in place, which enables someone you trust to make decisions on your behalf if you become incapable of doing so.
However, despite the benefits of having an LPA, many individuals either postpone or overlook the process.
In fact, recent statistics indicate that around 78 per cent of UK adults do not have an LPA, and 77 per cent of people over 55 have not registered for either type of LPA.
Even if you are young and healthy, unexpected events could arise that might require someone to act on your behalf, making it crucial to have an LPA in place sooner rather than later.
An LPA can be particularly useful if you become ill or are involved in an accident and are unable to make decisions for yourself.
Without an LPA, your family members may have to go through a court process to be appointed to make decisions for you.
There are two forms of LPA:
The former can help with decisions regarding daily routine, medical care, life-sustaining treatment, or when to move into a care home. The latter can help manage your bank account, collect benefits, pay bills, or sell your home.
If you lose mental capacity and do not have an LPA in place, a court-appointed deputy will make decisions about your finances, health, and welfare.
This process can be very expensive and may take 12 months or even longer to put in place, during which time important decisions will be on hold.
An LPA allows you to select someone you trust to make decisions on your behalf and specify your preferences in advance.
This way, you can be confident that your affairs will be managed in line with your wishes and by someone you trust.
If you do not currently have an LPA in place or an existing LPA is now out of date, speak to our team today.