EMMA BECKET, Head of Wills & Probate, GW Legal
When people plan for their future, they will often put money into their pensions and try to build up their savings so they can live comfortably when they retire. Something that should also be part of planning for the future is preparing Lasting Powers of Attorney.
Have you ever thought about what would happen if you were no longer able to make decisions for yourself? It is not something we like to think about, but it is important.
Lasting Powers of Attorney (LPAs) are documents in which a person appoints another person or people known as Attorneys to act on their behalf. There are two types of LPA: one relates to Property and Financial Affairs and the other is in relation to Health and Welfare.
LPAs are not necessarily just for people with dementia. The Property and Financial Affairs LPA can also be helpful if you are unable to get out of the house and you need some assistance with looking after your bank accounts and paying bills on your behalf.
If you become unable to make decisions for yourself and you don't have LPAs in place, it may be necessary for an application to be made to the Court of Protection to appoint a Deputy to act on your behalf. Such applications can take a long time to go through and be very expensive.
Have you thought about who would have the authority to sell your home if you could not do this yourself? Or what would happen to money in a joint bank account if one person loses capacity? Banks will often freeze joint bank accounts unless there is an LPA in place and, if there is not, no one will be able to access this money which could leave your spouse in a difficult financial position.
If you were no longer able to make the decision about whether you remained living at home or moved into a care home, have you thought about who would make the decision for you? Without an LPA in place, a decision would be made about what is believed to be in your best interests and this might not be something you would have wanted if you were able to make the decision for yourself. If you had the choice, wouldn’t you want someone who knows you to make the decision for you?
LPAs are not just about appointing someone to act for you. You can also give guidance to your Attorneys about what you would or would not want to happen in certain circumstances. This can be very detailed and helpful, especially in relation to decisions about your health and welfare. You can let your Attorneys know within the document that you would only want treatment to make you feel comfortable rather than life-prolonging treatment if you were diagnosed with certain conditions. You can also let them know about any medication you are taking, any allergies and dietary requirements that you have and even how often you like to have your hair cut.
It is never too early to start planning for the future and everyone should make sure they have LPAs in place. At GWlegal we can help you with the preparation of LPAs and provide advice about the best options for you in terms of who to appoint and what guidance to give to your Attorneys.
When people plan for their future, they will often put money into their pensions and try to build up their savings so they can live comfortably when they retire. Something that should also be part of planning for the future is preparing Lasting Powers of Attorney.
Have you ever thought about what would happen if you were no longer able to make decisions for yourself? It is not something we like to think about, but it is important.
Lasting Powers of Attorney (LPAs) are documents in which a person appoints another person or people known as Attorneys to act on their behalf. There are two types of LPA: one relates to Property and Financial Affairs and the other is in relation to Health and Welfare.
LPAs are not necessarily just for people with dementia. The Property and Financial Affairs LPA can also be helpful if you are unable to get out of the house and you need some assistance with looking after your bank accounts and paying bills on your behalf.
If you become unable to make decisions for yourself and you don't have LPAs in place, it may be necessary for an application to be made to the Court of Protection to appoint a Deputy to act on your behalf. Such applications can take a long time to go through and be very expensive.
Have you thought about who would have the authority to sell your home if you could not do this yourself? Or what would happen to money in a joint bank account if one person loses capacity? Banks will often freeze joint bank accounts unless there is an LPA in place and, if there is not, no one will be able to access this money which could leave your spouse in a difficult financial position.
If you were no longer able to make the decision about whether you remained living at home or moved into a care home, have you thought about who would make the decision for you? Without an LPA in place, a decision would be made about what is believed to be in your best interests and this might not be something you would have wanted if you were able to make the decision for yourself. If you had the choice, wouldn’t you want someone who knows you to make the decision for you?
LPAs are not just about appointing someone to act for you. You can also give guidance to your Attorneys about what you would or would not want to happen in certain circumstances. This can be very detailed and helpful, especially in relation to decisions about your health and welfare. You can let your Attorneys know within the document that you would only want treatment to make you feel comfortable rather than life-prolonging treatment if you were diagnosed with certain conditions. You can also let them know about any medication you are taking, any allergies and dietary requirements that you have and even how often you like to have your hair cut.
It is never too early to start planning for the future and everyone should make sure they have LPAs in place. At GWlegal we can help you with the preparation of LPAs and provide advice about the best options for you in terms of who to appoint and what guidance to give to your Attorneys.
