Its never too soon to make a Lasting Power of Attorney
The importance of having a Will so that your assets pass to your intended beneficiaries after your death is widely publicised but less is perhaps said about Lasting Powers of Attorney (LPAs).
A common misconception is that they are for the elderly, or that you do not need one until you want someone to start helping you manage your affairs. My view is that it is always better to be prepared, a bit like having a Will that matches your current circumstances, its worth having your LPAs in place should you be physically or mentally unable to manage your affairs for any reason.
There are 2 types of LPA, one covering decisions regarding finance and property and the other covering health and welfare decisions.
The Property and Financial Affairs LPA can be set up so that it can be used, once registered, with your consent whilst you have capacity and the power to act continues if you lose capacity. The advantage of this option is that if you become physically incapacitated, stuck abroad or just want a little help your attorneys can act for you at your direction. It can also be set up so that your attorneys can only act in the event you do not have mental capacity if you prefer.
The Health and Welfare LPA can only be used once registered and in the event you are unable to make decisions for yourself, so having one in place in the background is advisable so that someone is able to make decisions regarding medical treatment and care in the event of an emergency.
Having registered LPAs in place means that in the event that you are unable to manage your affairs actions can be taken swiftly and without the need to apply to the court for a Deputyship order.
If you wish to discuss making a Lasting Power of Attorney our Wills Trusts and Probate team are available to assist and are available on 01202 525333.