Lasting powers of attorney (LPA) have been in the headlines recently as ‘money saving expert’ Martin Lewis once again insisted that all adults should have one in place.
Martin, who has over five million followers on social media, was describing a recent caller to a national TV programme who was unable to access her husband’s personal finances once as he had developed dementia.
Martin pointed out that in this situation, had the person had a power of attorney in place, she would have had access to her husband’s information and finances. Sadly, without an LPA, she was facing a lengthy, costly and exhausting battle to prove she was entitled to look after his affairs and carry out his wishes.
Martin said: “Power of attorney is not just for the elderly. Everybody should be considering one. While many of us realise the importance of putting a will in place, not so many realise that LPAs are just as important. A will decides what happens to your assets if you die. Power of attorney decides what happens to your assets if you lose your faculties.”
The LPA is a legal document that appoints someone to manage your affairs in the event you are no longer able to do so. This might be the case, for example, if you are impacted by a health condition which affects your mental capacity.
The lasting power of attorney means a trusted representative can make decisions affecting your care and your finances on your behalf. Without a lasting power of attorney in place, your loved ones will have to apply to the courts to have someone appointed to manage your affairs and in our experience, this can be a very protracted exercise for your family.
At Medical Family Finance, we have long counselled that considering the practical side of estate planning is one of the kindest things you can do for your family. For this reason, we offer a lasting power of attorney service for our clients to help protect their interests and to ease the burden on their loved ones.
For more information, please contact us on 020 7252 5765.
