Lasting Power Of Attorney

Do you need a lasting power of attorney in the UK?

While you’re still fit and healthy, it can be difficult to take in the fact that you may one day need an attorney to handle your finances and every-day decisions for you, but the sooner you arrange it, the better it will be in the long-run.

Although you may already have a will in place to make sure that your assets are passed on to the right people when you pass away (if you don’t, write a will today!), it’s also very important to plan for the possibility of being unable to make your own life decisions while you’re still alive due to a lack of mental ability.

To do this, setting up a lasting power of attorney (LPA) is highly important, as it gives another individual(s) or organisation the legal authority to manage your finances and/or health and welfare dealings. Having an LPA in place guarantees that important decisions relating to you and your every-day affairs are made with your best interests in mind if you ever lack the mental capacity to do so yourself.

See our full guide to LPAs or enquire to for more information on exactly what the legal agreement entails.

Why you need a lasting power of attorney

By creating an accurate lasting power of attorney, whether it’s a Property and Financial Affairs LPA or a Health and Welfare LPA, you are essentially making sure that your day-to-day dealings are handled in a way that gives you the best quality of life.

If you do not set up a lasting power of attorney and later lose the mental capacity to make your own decisions, an individual would be required to apply to the Court of Protection to be appointed as a ‘deputy’, which can be a far more time-consuming, complicated and expensive process.

What are the benefits of making a lasting power of attorney?

• You retain a level of control over your affairs
• You save money (as it’s cheaper than an individual later applying to be a ‘deputy’)
• You avoid delay as an LPA is valid as soon as it is registered and the authority granted can be used immediately
• You get an invaluable peace of mind 

You can choose one or both of the two main types of LPA: a Property and Financial Affairs LPA, and a Health and Welfare LPA. 

The Property and Financial Affairs LPA includes the management of:

• Taxes
• Pensions 
• Insurance policies
• Bank accounts
• Bills

The Health and Welfare LPA includes the handling of issues relating to: 

• Housing 
• Healthcare 
• Medical treatment
• Whether a care home is needed
• Day-to-day tasks (your diet, daily routine, etc.)

Many people choose to assign a professional solicitor to manage their financial affairs due to the complexity and time-consuming nature of the responsibilities, and a family member to handle day-to-day matters.

When should you make a lasting power of attorney? 

Anyone above the age of 18 is able to set up a lasting power of attorney as long as they are still of sound mind when the agreement is finalised. It’s unlikely that anyone will look at setting up an LPA as soon as they turn 18, but doing so while you’re still healthy and capable of making your own important decisions is the only way of ensuring that you retain a good quality of life later down the line.

A sudden illness or injury could leave you mentally unable to make life choices in the blink of an eye, so be sure not to leave it too late. 

The only requirements for being able to make a lasting power of attorney are: 

• That you are of sound mind when the LPA is set up
• That you are over 18 years old

To start the process of setting up an LPA or simply for a chat about the options available to you, Submit your LPA enquiry here.

 

How our fees compare against other providers