Just like making a will, many people tend to underestimate the importance making a Lasting Power of Attorney (LPA).
There are two types of LPAs; property and financial and health and welfare. The main difference between the two is that the health and welfare LPA can only be used in the donor (the person making the LPA) lacks mental capacity to make decisions themselves whereas the property and financial LPA can be used straight away by the attorneys (the people appointed to act on behalf of the donor) with the consent of the donor.
The benefits of making LPAs are considerable as they allow your attorneys to step in and assist you if you are unable to make decisions or act in a certain way. For example, if you were in an accident which rendered you hospital-bound but needed to move your money around in order to pay an important bill, your attorney would be able to step in and assist you with this act. Without an LPA your loved ones would be unable to provide you with help when you need it most.
The Health and Welfare LPA can also provide peace of mind should you be diagnosed with an illness which renders you mentally incapable to make your own decisions. The LPA can provide your attorneys with the ability to refuse or consent to medical treatment as well as make important decisions about your welfare which they would otherwise be unable to do without an LPA.
LPAs can only be made by someone with the mental capacity to make them. Therefore once someone is rendered mentally incapable to make their own decisions by a doctor then they will be unable to make an LPA and their loved ones will have to make an application to the Court of Protection to be appointed as a Deputy for their affairs. This process is not only time consuming and lengthy but it is also very costly. I would therefore advise anyone to take out the best insurance policy possible – LPAs.
To discuss your LPA requirements, please get in touch with Emma Blakesley or Gill Tobin for fixed fee, comprehensive, jargon-free advice on 01702 332311
Background
Emma obtained her LLB (Hons) in 2013, before passing the Legal Practice Course with commendation in 2014 at Anglia Ruskin University, Chelmsford. Emma undertook her training contract at an Essex firm and qualified as a solicitor in January 2017. Emma joined Jefferies in June 2018.
In Work
In addition to offering friendly and professional advice, Emma can help with assisting in your will requirements and probate or estate administrations. Emma can also help with Lasting Powers of Attorney and Court of Protection applications. Home and hospital visits can be arranged if required.