Three reasons why everyone needs a Lasting Power of Attorney

Lasting Powers of Attorney are like insurance policies: you may never need to use them, but if you do, they’ll make an otherwise unpleasant situation much easier to deal with.

A Lasting Power of Attorney is a document that enables you to plan for the future, by appointing someone else to deal with your affairs should you lose capacity. You may lose capacity due to an accident, a serious stroke or dementia. There are two types of Lasting Power of Attorney, one that allows your attorney to deal with your property and finances, and another that allows them to make decisions about your health and welfare.

Arguably, it is equally important to have a Lasting Power of Attorney as it is to have a Will. In 2023, there were over 10 million Wills registered with the National Will Register, but only 6 million Lasting Powers of Attorney registered at the Office of the Public Guardian. Here are three reasons you should prepare a Lasting Power of Attorney:

1) Without a Lasting Power of Attorney for Property and Financial Affairs, your family members – including your spouse – will not be able to manage your finances if you lose capacity.

We must debunk the myth that your spouse or ‘next of kin’ will be able to deal with your finances if you lose capacity. Without a Lasting Power of Attorney, your family will not be able to manage your affairs, and this can cause worry and stress for your loved ones.

2) You have the power to choose who deals with your affairs if you are not able to.

If you do not prepare a Lasting Power of Attorney and you lose capacity, any of your family or friends can apply to the Court of Protection to be your Deputy. A Deputy is a person appointed by the Court of Protection to deal with your finances. By making a Lasting Power of Attorney, you have control over who deals with your affairs and you have peace of mind that the right people are dealing with your affairs.
3) It saves time and money.

It is far cheaper to prepare for the future by setting up a Lasting Power of Attorney than it is for your family to apply to the Court of Protection to be appointed as your Deputy. The process of applying to the court to be a deputy is also time consuming and you family may not be able to access your finances in the meantime.

Preparing a Lasting Power of Attorney is a vital step in preparing for the future, as the document can mitigate the stress and financial burden that your family and friends will experience if you lose capacity. If you want to know more about Lasting Powers of Attorney, Wilson Browne Solicitors will be happy to help.

For simplified advice and clear guidance contact our team on 0800 088 6004.
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