The Benefits of Lasting Power of Attorney

How important is a Lasting Power of Attorney?

A registered Lasting Power of Attorneys (LPAs) can be a powerful solution to problems that could arise in the future. There is a common misconception where your spouse would automatically have the authority to act on your behalf if you lost the ability - this is untrue. The only way in which you can select people to act on your behalf, is by registering Lasting Power of Attorneys. In many situations, people have realised the importance of LPAs when it is too late.

What could happen without Lasting Power of Attorney?

Example:

A devoted husband and father has a serious accident and loses mental capacity. He is no longer able to make any decisions regarding his finances, or his medical care. His wife is not only struggling emotionally, but also financially. She must now finance raising children and caring for her husband. His bank accounts, savings and pension are inaccessible to his wife, even though she would like to access them on his behalf. She is forced to go through lengthy court proceedings at her own expense to gain the powers of acting as a court appointed Deputy. This is the only way she can access the money needed for her husband’s care. If her husband had a valid Lasting Power of Attorney, this would have all been avoided.

What are the benefits of Lasting Power of Attorney?

The most important thing about having Lasting Power of Attorneys in place is that you are given a choice which is being able to nominate Attorneys to act on your behalf. People often choose family members, trusted friends, or professional solicitors. If you do not have LPAs in place, you are at risk of somebody you do not trust to go through the court proceedings and being appointed a Deputy. If granted, this would enable them to access all your assets. This extreme situation is entirely preventable by completing LPAs.

In the case of having an Attorney for Financial Decisions, the Attorney would manage your accounts on your behalf, for example by paying your bills or any debts. The Attorney could also make decisions regarding property, perhaps choosing to buy or sell. They would also be responsible for applying for any welfare benefits you may be eligible for.

In the case of having an Attorney for Financial Decisions, the Attorney would manage your accounts on your behalf, for example by paying your bills or any debts. The Attorney could also make decisions regarding property, perhaps choosing to buy or sell. They would also be responsible for applying for any welfare benefits you may be eligible for.

A massive advantage to completing Lasting Power of Attorney would be that it can provide you with peace of mind. If already have a plan in place for the worst-case scenario, you can rest assured.