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A lasting power of attorney is when you appoint one or more individuals to make decisions on your behalf as outlined by the UK government. This includes financial and legal decisions though you do not need to be qualified for this.
With people in the UK now living longer, planning for later life is becoming increasingly important.
None of us want to imagine a time where we will be unable to look after ourselves, physically or financially. Statistics show one in six people over the age of 80 now suffer from a form of dementia. With the power of attorney, we can be looked after should we ever be unable to manage our own affairs. Creating a lasting power of attorney protects your future and it is never too early to be considered.
A misconception is that lasting powers of attorney need only be set up once someone is unable to make decisions. People don’t like the thought of having something in place whilst they are still capable of looking after themselves. There is a fear that someone might take advantage of or override their decisions.
However, once someone has lost mental capacity, they also lose the ability to make a lasting power of attorney. Loved ones are faced with the task of applying for a deputyship order from the court of protection. This is an expensive and time-consuming process that requires annual fees and supervision of the court.
The important thing to remember is that lasting powers of attorney can be made and registered years in advance. To ensure minimal stress and disruption for the attorneys caring for the donor, it can be used immediately.
There are some concerns surrounding LPA usage. Many think that making and registering a lasting power of attorney in advance takes away their ability to manage their affairs, but this is not the case. You can make decisions for yourself as long as you have mental capacity.
By putting a lasting power of attorney in place you have peace of mind. Someone that you trust will be able to look after your affairs if you are ever unable to.
To put your mind at rest speak to one of our specialist team at one of our offices across Cheshire. To discuss putting a lasting power of attorney in place contact us on 0800 470 1428.
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