Illness and injury can happen at any age, which can result in you not being able to look after yourself or make important decisions. You may assume that your family will be able to step in and manage your affairs in your time of need, but without a Lasting Power of Attorney (LPA) they will not legally be able to do so. Instead, social services and the state will have control over your future and your loved ones will be unable to intervene. An LPA is a document that gives your chosen attorneys the power to make decisions on your behalf and access any accounts, policies or assets in your sole name. There are two types of LPA, one that gives powers regarding your health and welfare and the other your property and finances. It’s most common to make both LPAs at the same time so you can be fully cared for by the people you trust if you ever need them. Let’s have a look at the 5 main benefits of making a Lasting Power of Attorney.
1. Decisions can be made by people who know & love you
As long as you choose attorneys who know and care for you, the decisions they make on your behalf are likely to be the same decisions you would have made in most cases. This is because they know and understand you and can make decisions based on extensive knowledge of your likes and dislikes. This can include decisions such as where you should live, what you should eat and wear, what medical treatments you should and shouldn’t have, and how your finances and property should be managed. Social services and the state don’t know you personally, and therefore the decisions they make are usually made in a more systematic, one-size-fits-all kind of way, which can lead to unwanted outcomes.
2. Social services & the state won’t have the power to decide your future
This point is best illustrated with a true story. Ylenia Angeli, a retired nurse, was arrested in 2020 for taking her mother out of a care home. Her mother was lonely and as a family, they decided she would be happier living with her daughter. However, the care home disagreed and wouldn’t let her leave, and as no LPA had been made, Ylenia didn’t have the power to decide where her mother should live. Therefore, when she took her mother home she was arrested and her mother was returned to the care home against the family’s wishes. A Health & Welfare LPA would have given Ylenia the power to decide where her mother should live.
3. Your loved ones will be able to access assets & policies they rely on
Again, let’s illustrate this point with a true story. Kate Garraway, the Good Morning Britain presenter, opened up about her struggles after her husband, Derek, was hospitalised after contracting coronavirus in 2020. Derek lost the mental capacity to look after the family’s affairs, but many of the policies and accounts that the family relied on were in Derek’s sole name. This meant that Kate, despite being Derek’s wife for many years, was not allowed to access these important policies and accounts, leading to even more stress and expense during what was already an extremely difficult time for her and her family. If Derek had made a Property & Financial Affairs LPA, Kate would have been able to handle her family’s affairs instantly and seamlessly.
4. An LPA can prevent costly & stressful court procedures
If you lose the mental capacity to look after yourself before you get around to making an LPA, it’s too late. Your family will be in a state of limbo, unable to manage your affairs or access policies and accounts in your sole name. For your loved ones to get these powers, they’ll have to apply to the Court of Protection for a Deputyship Order. This can be expensive and often takes months to complete. There are also more restrictions placed on deputies than attorneys, and anyone can apply for a Deputy Order, meaning decision-making powers may go to someone you would not have chosen as your attorney.
5. You have the freedom to choose the best attorney(s) for each situation
When choosing your attorneys, it’s important to think about their strengths and weaknesses. You may have one daughter who is a mother of three and enjoys caring for others, and another daughter who works in finance and owns a rental property on the side. In this scenario, your first daughter may be a better fit to handle your day-to-day care and your second daughter may be better suited to handling your finances and property. You can also give the same powers to more than one attorney if you believe they will work better as a team. Whoever you choose, you should ensure they are willing and able to take on the responsibility should they ever need to.
The Bottom Line
Not making a Lasting Power of Attorney could cause you and your family a huge amount of stress and expense if you are ever unable to look after yourself due to illness or injury. Your family will not have a say in your medical treatments, living arrangements, day-to-day care, finances or property. Instead, important decisions will be made by people you’ve likely never met. Making a Health & Welfare LPA and a Property & Financial Affairs LPA comes with many benefits as we’ve detailed above. It’s important you make these documents long before you may need them, as you will not be able to make them if you lose sufficient mental capacity.
Here at Michael Usher Wills & Estate Planning, we’ve been helping our local community with LPAs for over 30 years! Please get in touch and our friendly team of experts will answer all of your questions for free. Call us on one of the numbers below or book a FREE consultation. We look forward to helping you and making sure you and your family are fully protected.
Camberley: 01276 691979
