Christmas season will soon be upon us, and we’ll look forward to spending it with loved ones. At this wonderful time of year, you’d be forgiven for not wanting to think about the future, when you may need someone you trust to manage your affairs on your behalf. But it’s an important decision to make.
Lasting powers of attorney (LPAs) enable you to appoint someone to manage your affairs if you become unable to do so. They are extremely useful legal documents that can save your loved ones a great deal of time, expense and heartache if you lose the mental capacity to make important decisions.
It is vitally important that you make your LPA before you lose your mental capacity.
If you leave it too late, your loved ones may have to apply to the Court of Protection to become deputies, which is more complex and expensive.
By creating power of attorney early, you can ensure that your attorney(s) will be able to act quickly and efficiently, while giving you peace of mind that your affairs will be managed exactly as you wish.
Not at all. Powers of Attorney won’t be put in place until, legally, as stated under the Mental Capacity Act 2005, ‘a person is considered to lack capacity if they are unable to make a specific decision for themselves’.
You will have the choice as to when the document can be used by your attorneys – you may elect that it can only be used after you have lost capacity or it can be used when you are well. It is often useful to elect for the latter as should you have an extended stay in hospital you may not have lost mental capacity and require someone to assist you with your day to day affairs while you are not at home.
Kerry Hay, Associate Solicitor at Coles Miller in the Wills and Probate department agrees that early planning is best:
“Creating lasting powers of attorney doesn’t have to mean losing autonomy – it’s an insurance policy for your health, well-being and assets. Creating lasting powers of attorney can provide you with peace of mind that someone you trust will be able to take important decisions on your behalf if you become unable to do so yourself.
“Our solicitors are here to work with you, and those close to you, to ensure that your affairs are in place for the future."
Come and speak to us at Coles Miller for specialist legal advice on setting up lasting powers of attorney (and reviewing existing enduring Powers of Attorney).