Did you know that less than 1% of the adult UK population have a Lasting Powers of Attorney (LPA)** in place. As Lawyers we understand the importance of making an LPA, but more often than not, our Clients do not, which may be the factor preventing them from putting their affairs in order and protecting their best interests.
When you put an LPA in place, you allow your designated and trusted individual(s) to make decisions on your behalf when you no longer have the capacity to make decisions for yourself.
There are two kinds of LPA. Type one is a Property and Financial Affairs LPA and type two is a Personal and Welfare LPA. The two different types of LPA cover very different aspects of your life. To ensure that all your affairs and interests are protected and accounted for, we recommend preparing both types of LPA. Our Skegness based Team of Expert Wills & Probate Lawyers can help to look at your circumstances, explain your options and decide which route is best for you. To provide an insight into the different areas which each LPA covers, please see the following list:
Property and Financial Affairs LPA are often used to make decisions regarding:
- Your Property – Selling your home
- Your Money – Managing your bank account(s)
- Paying your Bills
- Collection of your benefits or pension
Health and Welfare LPAs are often used to make decisions regarding:
- Medical Care
- Where you want to live
- When to move into a care home and your preferences
- Life-sustaining treatment
- Your daily care routine including diet and clothing preferences
Unfortunately, there are many misconceptions surrounding LPAs. Many people often assume that if they are in a couple and they share bank accounts and property, they will automatically have the right to make decisions on behalf of one another, but this is not always the case. In such circumstances, any cash or assets are often frozen to protect the vulnerable person. To release them, a copy of a registered LPA will be required.
Similarly, another misconception is that even if you do not have an LPA in place, your next of kin will always be able to make decisions on your behalf if you are unable to make them for yourself. If you do not have an LPA in place and you lose capacity, even your closest loved ones may not have the power to act on your behalf. In such circumstances the Court of Protection may be required to appoint someone to make decisions on your behalf and this may not always be the person you wish for it to be. To gain permission to handle your affairs, your loved ones will then need to apply to the Court of Protection, which is often a lengthy and expensive process.
A third and final misconception surrounding LPAs is that only elderly people need to make an LPA. If you have an LPA in place, there are many situations in which it may need to come into action. This may not only be at a later stage in life but if you experience a serious injury or illness early on in life.
Many people assume that if they have a Will, they will not need an LPA, however, the two are very different documents that come into play in very different circumstances. A Will sets out what happens to your Estate, whereas an LPA designates your chosen individual(s) to make decisions on your behalf when you no longer have the capacity to do so yourself. It is important to note that you can appoint more than one individual and we advise that you do so. To ensure that your interests are protected to the best ability, we recommend having both types of LPA in place.
Our Wills and Probate Team can help you to safeguard your property, financial affairs, and your health and welfare. Our Lawyers will help you to make the right decisions for you by putting the necessary documents in place which give the people you trust, the power to act in your best interests. Get the peace of mind which comes from knowing your affairs will always be in safe hands by contacting our Private Client Team.
Our Team of Specialist Wills & Probate Lawyers work for Clients across the East Midlands and rural Lincolnshire to include Skegness, Boston, Sleaford, Lincoln, Scunthorpe and Grimsby. For more information, or to arrange a telephone or video appointment, please contact Hodgkinsons Solicitors by calling 01754 897150 or submitting an online contact form.
*Ipsos MORI
**Office of the Public Guardian