Your future is invariably better if you plan it properly. Should you become incapacitated, it is important to ensure that someone you trust will be able to make the necessary decisions about your finances, your property and even your welfare.
There is no automatic right for your next of kin to be able to make decisions on your behalf, which is why putting a Lasting Power of Attorney (LPA) in place is so important.
We look into how an LPA Works
With an LPA, you can nominate someone to look after your financial and property-related matters should you no longer be able to do this yourself. This can include managing investments, paying household and utility bills and buying and selling property. There is also a health and welfare LPA available that is specifically concerned with the individual’s care and wellbeing.
We spoke with LPA specialist, Justin Culver, of Ask About Wills and Trusts. He explains how you should see an LPA as a natural part of financial planning for the future: “Life expectancy has greatly increased in the UK, but because of this, you should be ensuring that your own wealth and health are protected as you advance in years.”
Should it get to the stage where you really couldn’t manage your own affairs and you had no LPA in place, your relatives would have to apply to the Court of Protection in order to take control. This can be a long, drawn-out and also an expensive process.
Justin continues, “It’s vital that you set up an LPA while you’re still capable. This ensures that those closest to you will not have to go to court and spend time and money getting permission to act on your behalf.”
Safety First
There are safeguards built into the LPA. When making decisions for you, your nominated attorney must act in your best interests and consider your past and present wishes under the terms of the Mental Capacity Act.
Furthermore, you can nominate more than one attorney to act for you, and stipulate that decisions have to be made jointly.
“LPAs are put together in such a way that they’re recognised by financial institutions, pensions administrators, local authorities and care homes,” concludes Justin. “Arranging an LPA means that in the long run everyone benefits form the clarity it brings.”
Take a positive decision about your future and give yourself and those close to you peace of mind by putting a Lasting Power of Attorney in place.
For more information about how to protect both yourself and your family
- Text LPA to 07769 330852
- Call Ask About Wills & Trusts on 0845 055 8238
