Lasting Powers Of Attorney - Are They Really That Important?

Thinking and talking about what would happen to our assets and finances if we suffered from a serious accident or mental illness is not something we like to think about.  Sadly these situations do happen and usually without warning.  What we often tell our clients is, if you think about it now whilst you are fit and well, then you have the control. 
 
A Lasting Power of Attorney (or LPA for short) is a legal document that allows you, whilst you are fit and well, to appoint who you want to make decisions and act on your behalf in the event that you no longer can.  An attorney can be anyone of your choosing, such as a friend, relative or a professional.
 
The role of an Attorney is a very important and responsible position, and as such it is crucial your Attorney is someone you trust to act in your best interests.
 
An Attorney can be granted quite considerable power to deal with your property and financial affairs and/or your health and welfare. Please click here for further information on LPA's.
 
We often find that clients and their families only think about drawing up a LPA when it is too late. Unfortunately many fail to plan ahead, especially family with elderly relatives, who often only start thinking about what they can do when it is too late. 
 
If a person has lost capacity and does not have a LPA in place, matters become more difficult and expensive. In this instance, the only option available, would be for someone (whether this is a spouse; another relative; friend or professional) to apply to the Court of Protection in London to be appointed as a Deputy. 
 
This is a very long and expensive process, whereas a Lasting Power of Attorney can be prepared immediately and is the considerably cheaper option.
 
Our team believe that preparing an LPA is as important as preparing a Will. Not only does it allow you to maintain control over decisions that affect your future (especially when you have lost the ability to make these decisions yourself), but it can provide peace of mind, and financial stability to yourself and your family.