In a recent interview Martin Lewis, the Money Saving Expert founder, once again reiterated the importance of people putting in place Lasting Powers of Attorney. On a previous episode of The Martin Lewis Money Show Live it was revealed that Martin Lewis has had “a Power of Attorney for a decade now. It’s not just for the elderly”.
What happens if I have no Lasting Power of Attorney in place?
Martin Lewis has repeatedly made the point that that incapacity can strike unexpectedly through accidents, stroke or even early onset dementia.
If you do not have Lasting Powers of Attorney in place and you lose mental capacity then your relatives, even your spouse, have no automatic right to assist you with your affairs just because they are your next of kin. In the event of loss of mental capacity banks and building societies will usually freeze the accounts and investments in the name of incapacitated person until someone is legally appointed to act for them.
Without a Lasting Power of Attorney in place your loved ones may need to make an application to the Court of Protection to enable someone to take control of your finances. Making the application is costly and a time-consuming process so making sure that you have Lasting Powers of Attorney in place could save your family a lot of time and money.
What is a Lasting Power of Attorney?
Lasting Powers of Attorney are the legal documents which allow you to give someone you trust the power to make decisions on your behalf should you become physically or mentally incapable of making the decisions yourself. Not everyone is aware that there are two types of Lasting Powers of Attorney:-
A Property & Financial Affairs Lasting Power of Attorney allows someone you trust to assist you with your finances such as managing bank accounts and investments, payment of household bills or care fees and even, if necessary, the sale of a property.
A Health & Welfare Lasting Power of Attorney allows someone you trust to make decisions about your care and medical treatment if you lack the mental capacity to make such decisions yourself. This might include decisions about life sustaining treatment, whether you are cared for in your own home or a nursing/residential care setting and allowing the attorney to speak on your behalf to medical professionals and social care staff.
Both types of Lasting Powers of Attorney need to be registered with the Office of the Public Guardian before being used and the registration process can take about ten weeks. Once registered the Property & Financial Lasting Power of Attorney can be used by your attorneys, with your permission, whilst you have mental capacity whereas the Health & Welfare Lasting Power of Attorney can only ever be used by the attorneys if you have lost mental capacity.
How can Timms Solicitors help?
Some people will be perfectly comfortable making and registering their own Lasting of Attorney though a word of warning: each year thousands of applications are rejected by the Office of the Public Guardian due to errors. Timms Solicitors can give expert advice about how the attorneys act, advise about the inclusion of safeguards and draft guidance and/or instructions setting out the basis on which the attorneys act.
Lasting Powers of Attorney are vitally important legal documents which can ensure that you get the help you need when you need it most, whilst making the process easier for those supporting you. If someone is prepared to help then it is, perhaps, only fair that they have the right tools for the job. At Timms we are always happy to talk you through your options when you want to make life easier for those close to you.
If you require any further information about Lasting Powers of Attorney, please visit our LPA page here, or call us on freephone 0800 011 6666.
