Whilst a Will ensures your wishes are carried out after you pass away, a Lasting Power of Attorney helps to protect your interests during your lifetime.
Though it is not pleasant to imagine being in a situation in which we will not have complete control of our own personal affairs, there are many illnesses that can leave us reliant on those around us. Making a Lasting Power of Attorney is a way of giving someone you trust the legal authority to make decisions on your behalf if you lack mental capacity to do so at some time in the future.
It is often assumed that if a person loses capacity to manage their financial affairs an immediate family member can simply step in for them. However, if you haven’t created a valid Lasting Power of Attorney then your assets will be effectively frozen which can lead to problems paying bills, claiming pensions & entitlements and making vital decisions regarding property and investments. Your family would then have to make an application to Court to decide upon who can manage your affairs and this can be distressing, expensive and time consuming.
Stephens Wilmot Solicitors can provide simple, straightforward advice to support your LPA application whilst you are able to do so.
The two types of LPAs are:
Lasting Powers of Attorney for Property and Financial Affairs
This gives you the power to appoint a person to make decisions about how your money is spent and how your property and affairs are managed.
Lasting Powers of Attorney for Health and Welfare
This enables you to appoint an Attorney to make decisions about your healthcare and welfare.
Unfortunately, there is a trend that suggests people living in less affluent areas of the country are much less likely to create an LPA. What’s more, there is a general lack of knowledge about how LPAs can be used. The OPG charges just £82 to process an LPA application and there are fee remissions and exemptions for those in certain financial circumstances, which we can advise on.
Our solicitors are knowledgeable and supportive and will help to demystify the process and identify which kind of LPA is right for you.