When do I need a Lasting Power of Attorney (LPA)?
It’s never too early…but it can be too late!
Serious accidents, dementia and strokes can all strike at any time. No one likes to think they will have bad luck, but it does happen. And if a family member needs to deal with your affairs, (especially if you run or part-own a business) then they will find it so much easier if you have an LPA already registered.
It can sound like overkill to get an LPA when you are relatively healthy and not even thinking about your Golden Years. But failing to do so could leave your family to undergo the complicated and lengthy process of applying for permission to handle your affairs through the Courts. Instead, you could plan and arrange everything ahead; taking control and choosing who would do what and how they should do it should you ever became incapable or unable to manage your affairs
If you make your LPAs whilst you are still healthy and capable of managing your own affairs, you can specify that your Attorneys are only able to act on your behalf once you have lost capacity. Making an LPA does not instantly give anyone the right to do what they want, when they want.
For example, if you have a stroke and are unable to communicate your thoughts about your finances then that is when your LPA could be invoked.
If you own a business, then it is extremely important to have an LPA. If you become unable to make decisions, this can prevent a business functioning how it should. It could be that important decisions can’t take place as rapidly as they are needed, if you do not already have an LPA in place to allow someone that you trust to make such decisions.
Remember as soon as you recover, you will be able to make your own decisions again.
So, the answer is that anyone can and should have an LPA because it’s like an insurance policy. Never needed, until it’s needed.
Many clients get their LPAs arranged when they have their will made by us. It gives clients great peace of mind to know that everything is taken care of in the right manner. At Solomons, we offer clients making wills 10% off their LPA fees. Call us on 01202 802807 to arrange a free initial consultation today.