Protecting Your Future Without Losing Your Independence

Summer often brings families together, whether it’s holidays, barbecues or simply spending more time with loved ones. For many, it can also be the moment they notice ageing parents slowing down or begin thinking more carefully about the future themselves.

While few people like to imagine a time when they may struggle to make decisions independently, Lasting Powers of Attorney (LPA) can provide reassurance, clarity and peace of mind for the whole family if the unexpected ever happens.

It’s often assumed that if a person loses their mental capacity, then their ‘next of kin’ will be able to make decisions on their behalf. We receive lots of enquiries from family members asking whether a Lasting Power of Attorney can be put into place for family members so that funds can be accessed to take care of their needs. It often surprises them to learn that the person needs to pass a test of capacity before the LPA can be put into effect.

In many cases, it will already be too late when family members are made aware that they have no legal authority to make such decisions without an LPA, even if that person is a spouse or adult child.

Very much like the preparation of a Will before death, an LPA must be put into place before the event occurs. In other words, the document must be drafted and legally signed before the person loses their mental capacity.

LPAs are required by law to prevent anyone from exploiting an individual’s finances. Banks or other financial institutions will usually freeze their accounts if they lose their capacity to make decisions themselves. A sale of their property cannot be completed in such circumstances without an LPA.

With regards to a person’s health and welfare matters, an LPA is required to allow chosen people to make any such decisions on their behalf.

It’s hoped that you never actually need to make use of your LPA but by putting one in place now means that you are doing so at a time when all of your faculties are in place and not when you are vulnerable, in a state of uncertainty and at risk from exploitation.

If you’d like to learn more or look into the possibility of putting an LPA in place, please contact our Private Client team at Farleys on 01254 606008, get in touch by email, or use the online chat below.