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When is the right time to make a Lasting Power of Attorney?

With people in the UK now living longer, planning for later life is becoming...

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When is the right time to make a Lasting Power of Attorney?

3rd October 2016

News : Wills & Probate

With people in the UK now living longer, planning for later life is becoming more and more important.

It is difficult to know what will happen in the future, and none of us like to imagine a time where we are unable to look after ourselves, either physically or financially.

However, with one in every 6 people over the age of 80 now suffering with some form of dementia, it is important to put plans in place should you ever be unable to manage your own affairs

Making a Lasting Power of Attorney

A Lasting Power of Attorney is one of the best protections to have in place and it is never too early to arrange these provisions.

There is a common misconception that Lasting Powers of Attorney are only to be put in place and used once someone has already lost mental capacity to make decisions on their own behalf. A lot of people don’t like the thought of having something in place whilst they are still able to look after themselves, in the fear that someone might take advantage or overrule their decisions.

However, the truth is that once someone has lost mental capacity, they also lose the ability to make a Lasting Power of Attorney, with loved ones then being left having to take on the arduous task of applying for Deputyship at the Court of Protection – an expensive and laboursome process in itself which requires annual fees and supervision of the Court.

A Lasting Power of Attorney can be made and registered many years in advance, and then put to one side until it is needed, when it is then able to be used immediately to ensure minimal stress and disruption.

Common concerns

Some people worry that by making and registering a Lasting Power of Attorney in advance takes away their ability to manage their affairs and look after themselves whilst they are still able to, but this is simply not the case. So long as you have mental capacity to make decisions for yourself, you are perfectly entitled to continue to do so. By putting a Lasting Power of Attorney in place you can have peace of mind in knowing that someone that you trust will be able to look after you and your affairs if you are ever unable to do so for yourself.

To put your mind at rest in knowing that you will be looked after by your loved ones, contact one of our specialist team at one of our offices across Cheshire on 0800 470 1428 to discuss putting a Lasting Power of Attorney in place today to provide security for your tomorrow.

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