What will happen if you lose your mental capacity?
Who will take care of your financial affairs and personal welfare?You’re fully aware of the need to make a Will but what about a Lasting Power of Attorney?
It’s not much fun thinking about losing your faculties, we know. But think how much worse it will be if it’s not sorted and you or your partner become unable to make decisions and can’t legally sign documents any more.
What is a lasting power of attorney?
A lasting Power of Attorney gives legal authority to a person/people of your choice to make decisions and act on your behalf when you are unable to do so.
There are 2 types of LPA: Health & Welfare and Property & Finances.
Why make a Health & Welfare LPA?
- Your loved ones (not the local Authorities) will be able to select the best care home for you
- Your family (not doctors) decide on life sustaining treatment
- Those closest (not unknown carers) specify your daily routine, dress and diet
- You define your care and treatment in your LPA while you still can
Why make a Property & Finances LPA?
Your trusted person/people can:
- Access your bank accounts and pay your bills for you
- Collect your pension, other benefits and pay for all your essential needs
- Sell your home to pay for essential care fees
What if I don’t make an LPA?
- Your family can’t make any decisions about your welfare or finances
- Loved ones must go through court; a very long and costly process
- Your family will still have limited power even when passed by court
- Your partner may be unable to access joint bank accounts
- Doctors (not your family) will make decisions about life sustaining treatment
- You may not receive the care you need because your home can’t be sold
- Increased upset and stress for your loved ones at an already difficult time
When should I make an LPA?
An LPA can only be made while you still have full mental capacity
“There’s no specific age when you should consider making a Power of Attorney. Young people can lose capacity through accidents. But if someone is diagnosed with a condition likely to cause loss of capacity, they may be well advised to think about who they want to make decisions for them when they can no longer do so.” Charity, Age UK
For the peace of mind that your welfare and finances will be taken care of, without any extra strain, stress or worry for your loved ones please get in touch on 0800 621 6755.
*Lasting Powers of Attorney are not regulated by the Financial Conduct Authority