Why You Should Consider a Lasting Power of Attorney
Most of us like to think that we will be able to manage our own financial, legal, and other affairs perfectly well on our own for as long as we need to. However, this is not always the case as events can occur that can leave you in a position where you are no longer able to do this. For instance, an accident, injury, or illness could place you in a position where you do not have the mental capacity to continue looking after your own affairs.
In the event that this type of situation occurs, most people would want someone that they trust implicitly to take over control of their affairs. However, if nothing has been put into place legally then there is no knowing what will happen. There is nothing that provides your family with the automatic right to take over your affairs in a situation like this. As such, you have no idea who may end up taking charge. This is where a Lasting Power of Attorney can prove invaluable. It means that you can name the person that you want and trust to take control of your affairs in the event that you are no longer able to do this yourself.
If there is no LPA in place, family members would have to go through the Court of Protection to try and gain control. This is a long winded, stressful, expensive and complicated process – and there is no guarantee that they will be given control at the end of it all. By naming the person of your choice through an LPA while you are still in control, you can ensure that you are properly prepared for the future and for any incidents that may arise.
When it comes to LPAs, there are two different types that you need to think about. The first is a Property and Financial Affairs LPA and the second is the Health and Care Decisions LPA (now changed from Health and Welfare Lasting Power of Attorney). You need to determine which person you trust to take control of the LPAs you decide to put into place. You then need to make sure that you register the LPA with the Office of the Public Guardian (in good health and prior to any incapacitation) in order to make it legally valid.