What is a Lasting Power of Attorney?
- If you lose capacity and are unable to manage your own affairs, an LPA (Lasting Power of Attorney) appoints someone of your choice to do it for you. There are two types of LPA:
- A Property and Financial Affairs LPA - this allows your chosen person to handle your bank accounts, investments, bills and property.
- A Health and Welfare LPA - this covers decisions about your health and care.
Why should I have one?
- Health conditions such as Dementia, Parkinson’s disease, or a stroke can cause a loss of capacity, meaning making decisions is then virtually impossible.
- If you lose mental capacity without an LPA in place, it will be necessary for your family to apply to the Court of Protection to have a deputy appointed to deal with everyday financial matters. This is a slow and very expensive process, costing thousands of pounds. If you already have an LPA in place, this will not be necessary.
- Without an LPA, any joint bank accounts you hold with your partner could become severely restricted. This could also restrict access to any pensions you have.
- This can be devastating, especially if the joint owner has their income or pension paid into this account, or they use it to pay critical bills such as a mortgage or utility costs.
How can we help?
- A personal and professional Estate Planning service.
- Our trained Consultants are here for you and will visit you in your own home.
- We are able to guide you through the whole process from taking instructions for your LPA’s right through to signing and storing the final document.
- For further advice please contact our Estate Planning Consultant, Josie Jackson on 01773 830333 or email firstname.lastname@example.org