The Protection of a Lasting Power of Attorney
Should a person, through disability, accident or old age be unable to cope with managing their own finances or making the right decisions about their personal circumstances, then certain Lasting Power of Attorney can be given to a trusted relative (or friend, or other chosen representative), who will handle things in their best interests. To not do so is leaving the door open for the Court of Protection to take over handling everyday matters, which is a very long and costly process.
Incapacity or Learning Disabilities
If you have a relative who is facing old age or infirmity through illness, Dementia, or some other disease such as Parkinson’s, then a Lasting Power of Attorney (LPA) should be written and kept safely to be signed before they lose the ability to handle their own affairs.
If you have been looking after a child with disabilities, and they are now over the age of 18, if they need a Dentist, for example, or an operation (or not), you may find that decisions like this about health and welfare could be taken out of your hands. It is extremely important to take out a Lasting Power of Attorney, so that you can continue to make decisions for your child, to avoid any potential problems.
It is also vital to consider a LPA if two people share a bank account which receives pension payments and pays their insurance or utility bills for example. If one partner becomes incapacitated, their bank account may be frozen at short notice. The other partner could then be left with no access to their own funds including pension payments without an order from the Court of Protection.
Call Barry Wright to help you prepare for potential problems by making out a Lasting Power of Attorney, which can be prepared in advance for when it might be needed.
There are two types of Lasting Power of Attorney:
Property and Financial Affairs LPA
A Lasting Power of Attorney (LPA) will allow someone else to
- take care of your finances,
- pay bills,
- buy or sell your property
- control bank accounts and other investments on your behalf.
Health and Welfare LPA
A Lasting Power of Attorney for Health and Welfare will enable someone else whom you trust to decide what would be best for you in terms of
- health and care, or
- where you should live.