03/11/2008
Lasting Powers of Attorney and planning for the future
None of us like to think about losing the ability to manage our property and financial affairs or losing the ability to make decisions about our personal welfare. Currently it is estimated there are 30 million people worldwide with dementia. The chances of having the condition over the age of 65 are about 1 person in 20. Over the age of 80, this figure rises to 1 person in 5.
You can however plan ahead by formally appointing a friend, relative or professional as an Attorney to make decisions for you should you become mentally or physically unable to do so.
From 1st October last year the old Enduring Power of Attorney (EPA) was replaced by the new Lasting Power of Attorney (LPA).
There are now 2 separate types of LPA. The Property and Affairs LPA allows you to choose someone to make decisions about your finances, such as signing cheques, paying bills, and dealing with property. Whereas the Personal Welfare LPA allows you to choose someone to make decisions about your health, accommodation, day to day care and medical treatment.
Importantly it is only possible for a person to make an LPA when you are still capable of giving consent for someone else to manage your affairs. If you do not have a valid EPA or fail to make a LPA before you lose your mental capacity, your loved ones may have to apply to the Court of Protection to appoint a receiver .This is likely to be an expensive and time-consuming process.
If you think you may benefit now or in the future from an LPA the most sensible option is to consider making it now as delay could prove costly. It can be drawn up at any time while you have capacity, but it has no legal standing until it is registered with the Office of the Public Guardian. |
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