A Lasting Power of Attorney (LPA) is an extremely important legal document. If you were to lose the ability to make decisions about your finances and you do not have an LPA in place, your family or friends may be unable to access your funds to pay bills or support you financially.
Many people assume their family could automatically access their bank accounts if something happened to them, but this is often not the case. Without a Power of Attorney, your loved ones may need to apply to the Court of Protection to gain authority to manage your finances. This process can be lengthy, expensive, and stressful. Given the time it can take, it may not provide the timely support you need.
Additionally, the person who applies to the Court of Protection may not necessarily be the person you would have chosen. Deciding who should manage your finances if you lose capacity is a deeply personal and important decision. Without an LPA in place, someone you may not fully trust could apply to take control of your financial affairs.
Creating a Power of Attorney now does not mean you are giving up control today. Instead, it ensures that if you were ever to lose capacity in the future, the legal framework is already in place for someone you trust to step in and manage your affairs on your behalf.
Once your Power of Attorney has been drafted, it must be sent to the Office of the Public Guardian to be registered. This registration process can take several months, which is why it is important not to leave it until it is too late. The sooner your LPA is registered, the sooner your chosen attorneys will be able to act if needed.
You may also wish to consider a Health and Welfare Lasting Power of Attorney. This allows you to appoint a trusted person to make decisions about your health and personal care, including decisions regarding medical treatment and, if you choose, life-sustaining treatment.
If you would like to discuss your options in relation to a Lasting Power of Attorney, please feel free to get in touch on 01827 65765 (Tamworth office) or via email rachel.alidieres@wadsworthslaw.co.uk.