You may have heard a lot about Health and Welfare Lasting Power of Attorneys (LPA), but have you considered making a Financial one?

There are two different types of Lasting Power of Attorneys, Health and Welfare and Property and Financial affairs.

If you do not have an LPA in place and later become mentally incapacitated, your relatives or friends may face long delays and expense in applying to the Court of Protection in order to obtain legal authority to make decisions on your behalf regarding property and finances, and/or health and welfare. As the court application can take several months, no one will be able to access your funds or make decisions on your behalf, which could cause difficulties if you have a mortgage or other financial obligations, which cannot be met until the correct authorities are obtained.

It is much easier to already have things in place ‘just in case’ you were to find yourself in a position to need them.

The advantage of having an LPA is that if an accident should happen and you were left in a position where you were unable to look after yourself financially or in terms of your medical care, you have the peace of mind of knowing that your wishes will be honoured and respected.

If you do not have an LPA in place and later become mentally incapacitated, your relatives or friends may face long delays and expense in applying to the Court of Protection in order to obtain legal authority to make decisions on your behalf regarding property and finances, and/or health and welfare. As the court application can take several months, no one will be able to access your funds or make decisions on your behalf, which could cause difficulties if you have a mortgage or other financial obligations, which cannot be met until the correct authorities are obtained.

It is much easier to already have things in place ‘just in case’ you were to find yourself in a position to need them.

As long as you are 18 years of age or over and have full mental capacity, then you are able to make a Lasting Power of Attorney.

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