Planning for the future isn’t just about writing a will – it’s about ensuring your wishes are honoured no matter what. A Lasting Power of Attorney (LPA) lets someone you trust step in to make important decisions if you’re unable to do so. It's so important for you to choose the attorneys that you trust to manage your money and make the right decisions for you.
There are two types of LPAs, one dealing with property and financial matters, or health and welfare matters. They can be made at the same time or separately.
As LPAs move towards digitalisation, here’s why making sure you have them in place is key to safeguarding your future and protecting your peace of mind.
This is an example case.
John is 70 and is single with no children. He owns his own property which is in his sole name, it's mortgage free, and he has considerable savings. He's retired and has a state pension and his employment pension. He hasn't taken any action to protect his money or property such as making a Will or a Power of Attorney.
He's started to have some memory issues and isn't as physically mobile as he used to be. His capacity starts to decline quickly and he is under investigation by the GP and other medical consultants. He's getting very forgetful, confused and disorientated. He isn't able to speak with the GP that well and forgets the information that they have given him. He gets muddled on the dates for different tests and appointments.
Without a health power of attorney, nobody else can liaise with the GP and other medical professionals and social services on his behalf. This is vital to protect his health, to make sure he gets the correct medication and treatment and to ensure that his condition can be managed effectively. John is losing weight, he isn't eating or drinking properly.
Without a finance Power of Attorney, there is no appointed person to pay his bills on time, to access his savings accounts, to sort out his pension and insurance. The companies will only speak to John as the account holder not any third parties, to protect his confidentiality. John can no longer remember his account details, he keeps losing his bank cards and is vulnerable to scams and theft. He can't access his email and he has mislaid some of the letters that arrive in the post.
If John has passed that point of mental capacity, which is required to make a Power of Attorney, he cannot proceed with this course of action and the only recourse is for his family or friends to apply to the Court of Protection for a Deputy Order. This is time consuming and costly. It can take a year for an order to be issued by the Court and this causes financial mayhem in the meantime. John's accounts are frozen and nobody is able to help him or has the authority to access his finances.
Earlier in the year, journalist and TV presenter Joan Bakewell joined BBC Radio 4's Moneybox to share her insights on Powers of Attorney and the importance of planning for later life.
The importance of LPAs, living wills, and end-of-life planning can’t be underestimated. Listen to the full interview and explore her key takeaways here: https://www.bbc.co.uk/sounds/play/m00219zk.
Please contact us today for expert advice on Power of Attorney. It's important to act now whilst you still have that chance and to take urgent action. We are members of the Association of Lifetime Lawyers and are qualified to help you.
Ring us on 02921 406152 or email us on enquiries@calonlaw.com
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