Ellis Bates Financial Advisers
What is a Lasting Power of Attorney?Statistics show that only 14% of UK adults have some form of Lasting Power of Attorney in place.
LPAs enable a friend or family member you trust to make decisions on your behalf if you are no longer able to do so yourself or are incapacitated.
Incapacity can occur in many different ways including following an accident, a debilitating or degenerative disease such as dementia or life changing events such as a stroke.
Without an LPA in place family members and friends cannot act on your behalf, regardless of their relationship to you, not even a spouse or partner.
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It is a general misconception that if you are next of kin, married, live together or in a civil partnership, you will be able to act on a partner’s behalf should incapacity occur, but you have no automatic right in law to do so unless you have a power of attorney in place.
If you do not have a lasting power of attorney in place a deputy courtship order will have to be applied for in order to access any essential documents or accounts (pensions, insurance policies, savings and bank accounts etc), and to start to make any decisions on behalf of the incapacitated.
This can take up-to 9 months to be put in place and is a complex procedure and currently costs in the region of £3,000.
There are two types of Lasting Power of Attorney:
The Property and Finance LPA – allows you to nominate others to carry out anything financial such as paying bills, speaking to utility providers, dealing with bank accounts and investments, and buying and selling property.
The Health and Welfare LPA – allows you to nominate others to be able to make decisions on the type of medical treatment you want to receive, go to doctor’s appointments with you and decide what care you receive.
Do you need help managing the financial affairs or health decisions of a relative?
Are you concerned that failing health may leave you incapable of managing your own finances and general wellbeing? Arranging a Lasting Power of Attorney could be used to protect you and your family should the worst happen.
Putting a Lasting Power of Attorney in place whilst you have full capacity to make your own choices and decisions gives both you and your family clarity, the ability to take action and complete peace of mind. To find out more simply get in touch with our expert team who are here to help.
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