Three good reasons why you should make a Lasting Power of Attorney
A Lasting Power of Attorney (LPA) can be a really useful way to prepare for the unexpected and for later life.
It is a way legally that you can ask other people to help you manage your finances and property and even look after decisions about your care and medical treatment, where you may have later lost mental capacity.
1 FUTURE PLANNING
As a financial LPA still works even if you lose mental capacity to make decisions for yourself, it is a very good way of avoiding all the costs and delays that there may be should that happen. Without an LPA, all your assets would be frozen effectively on loss of capacity and someone would need to make an application to the Court of Protection to be appointed as your Deputy. While some may prefer having the Court’s involvement and oversight, this can take a long time and be more costly. In the meantime too, there is nobody to deal with anything and that can mean assets go unmanaged. It can also be stressful for relatives as they seek to put arrangements in place at what is likely to be a difficult time.
2 CHOICE
As you are making the LPA, you can choose exactly who your attorneys will be. This will mean that you can have the right person or people looking after decisions for you if you cannot make them in the future. You can take time to think about who would be most suitable and make sure that you have discussed things with them in advance, so that they know what your wishes would be.
3 FLEXIBILITY
You can choose one or more people to be attorneys and decide how they might act; whether that is all together or individually as well. You also have the option of adding replacement attorneys to step in if your primary attorneys are no longer able to do things for you. You can set out specific instructions and give them guidance on the kinds of decisions that you might wish them to make. It is also possible to have different LPA’s covering different things, for example separate attorneys for your business. Different attorneys can be appointed for health & welfare decisions too.
How can our solicitors help you?
If you would like to know more, then please contact Richard Guy at Gotelee Solicitors LLP at 19 Deben Mill Business Centre, Old Maltings Approach, Woodbridge, Suffolk, IP12 1BL Tel: 01394 388605 and email: Richard.guy@gotelee.co.uk We can then look at what is most suitable for you.
