Lasting Power of Attorney; when you realise you need one it’s usually too late
Unfortunately for many people in the UK, a Lasting Power of Attorney (LPA) is not something they realise they need until it is far too late.
But for anyone who has people depending on them, whether family or employees, these really are one of the most essential personal documents you will ever make.
What is a Lasting Power of Attorney?
An LPA allows you to appoint another person, or a group of people, to make decisions on your behalf should you become incapacitated for any period of time.
These decisions can range from deciding on your medical treatment, to paying bills, collecting benefits and even selling your home.
Although most commonly associated with older people, an LPA can actually be made by anyone over the age of 18 who has full mental capacity.
And while they may be one of the first things we think of when an elderly relative is diagnosed with Alzheimer’s or Dementia, people often don’t realise quite how important they can be during our working lives too.
Self-employed? Plan ahead with an LPA
If you run your own business, who is authorised to manage it for you should you become incapacitated?
Who can transfer money, pay staff and settle up with suppliers?
If you were to become seriously ill and funds began to dwindle, how could you sell your business or find new ways to release extra funds in order to survive?
Of course this is all possible with a smartphone from a hospital bed these days, but not if you become mentally incapacitated and there is no LPA in place to cover you.
If you lose mental capacity, as defined by the Mental Capacity Act 2005, then your family and business partners will be forced to apply through the courts to get permission to act on your behalf.
This is an expensive and time consuming process, and all the while your finances could be getting worse and worse.
With an LPA however, your chosen representatives can immediately begin acting for you. It’s a simple document that can really make the difference between security and disaster during a critical time in your life.
Don’t leave it until it’s too late
The key thing to remember here is that bad things can happen, so plan ahead. A simple conversation with one of our consultants is all it takes for you to nominate someone who can represent you if things go awry.
To speak to a member of our team today simply call using the Freephone number at the top of this page.
This might not be the most fun filled or enjoyable things you have ever done for your family, but it could easily end up being the most important.