Legal News | 8.01.26
LPAs: a resolution to last beyond the new year
As the world celebrated the start of a new year, many Britons began by writing down their New Year’s resolutions. One resolution that may not immediately have sprung to mind (but is very important nonetheless) is to put Lasting Powers of Attorney (LPAs) in place.
LPAs are like an insurance policy in that you put them in place whilst you have mental capacity and hope that they never need to be used. Should a time come when you lose the ability to make your own decisions, you will be covered by a document which dictates who should make decisions on your behalf.
There are two different types:
1. LPA for property and financial affairs, which can be used whilst you still have mental capacity (provided that you permit your attorney(s) to use it in that way); and
2. LPA for health and welfare, which can only be used by your attorney(s) after a loss of mental capacity.
In both documents, you are asked to appoint one or more attorneys (people who can make decisions for you). However, the LPAs give your attorneys different powers: an LPA for property and financial affairs allows attorneys to make decisions regarding your property and finances (from dealing with your bank accounts to selling your property), whilst an LPA for health and welfare allows your attorneys to make decisions about your care (from choosing care homes, to agreeing to or rejecting life-sustaining treatment).
You can put both kinds of LPA in place and, indeed, this is the best way to ensure that all your wishes are carried out should you lose mental capacity.
Everyone over the age of 18 should consider having LPAs in place. If you do not have LPAs in place, then, should you lose the mental capacity to manage your property and finances or care, your loved ones will need to apply to the Court of Protection and obtain a court order to be appointed as your deputy to manage your property and finances and care. Applications to the Court of Protection are expensive, time-consuming and stressful for your loved ones.
If you have been considering making LPAs but have not yet done so, don’t delay. To start the new year right and cross off one resolution early, please get in touch with the Private Client team at Wansbroughs at wealth@wansbroughs.com.
