Why do I need a Lasting Power of Attorney ?
If the subject ever comes up, you may ask yourself what is the point of having a Lasting Power of Attorney (LPA) in place. The answer to this conundrum is to consider what will happen if you don’t have one in place.
If you are unfortunate enough to lose “mental capacity”, no one, not even your spouse/civil partner or any family member has authority to deal with your finances.
With no LPA, your family will be forced to make an application to the Court of Protection. This is a very lengthy and costly process, and whichever family member deals with your affairs will be closely watched over by the Court.
All this stress and expense can be avoided if you have an LPA in place. An LPA gives your chosen attorney power to deal with your property and financial affairs, and also to deal with matters concerning your medical and welfare decisions.
It is a difficult decision to choose to spend money on something that nobody wants to think about. However, having one or both LPAs drawn up by a professional costs a fraction of the costs that the Court of Protection would require.
Consider making LPAs as an insurance to protect both yourself and your family, should the worst happen in your life. Peace of mind is well worth paying for.