If you’re looking at this page then you probably need no convincing regarding why you should make a Will…but why go the extra mile and make an LPA?
We’re all living longer. That’s a fact.
In 1900 life expectancy was 31, at birth; in 1950 it was 48; in 2010, it was up to 67…and it’s going to keep going up as the field of medicine advances, we live healthier lifestyles and the overall quality of life improves.
Humans just weren’t “designed” to live that long and evolution doesn’t move as fast as science. Increased life span has the unfortunate side effect of more people suffering with physical or mental problems in later life.
- By 2025, more than 1 million people in the UK will have dementia, according to the Alzheimer’s Society.
- One in five people over 85 already suffers from it, with rates significantly higher among women than men.
Many charities who care for the elderly recommend planning ahead i.e. a Will and an LPA.
LPAs aren’t just for the older generation, so who needs an LPA?
Anyone could lose “capacity” through illness or accident and an LPA ensures that someone you know and trust can help administer your affairs.
We don’t want to be merchants of doom but part of living longer involves healtheir lifestyles and keeping fit with activities such as cycling, mountain biking, rugby, football, winter sports, jogging, horse riding and many others: all carry an element of risk. Even the daily commute isn’t without obvious dangers, even though we prefer not to think about it.
Accidents can strike at any time – they say “you never know what’s around the corner”, but being prepared can go a long way.
An LPA is recognised by banks, other financial institutions, care homes, local authorities and tax, benefit and pensions authorities as your authority to allow someone to act on your behalf. Without an LPA, an application has to be made to the Court Of Protection which incurs additional delay and expense.
LPAs come in 2 forms:
- one covers decisions about money matters and finances, known as a property and financial affairs LPA,
- one covers decisions about healthcare, known as a personal welfare LPA.
- An important difference is that a property and financial affairs LPA can be used while someone still has capacity, whereas a personal welfare LPA can only be used once they have lost it.
Anyone you trust can be your attorney, provided they are over 18, not bankrupt and they are willing to take on the responsibility…and it is a big responsibility. You can specify or even restrict the types of decisions the attorney can make, or simply allow them to make all decisions.
An LPA must be signed by a certificate provider such as a solicitor. Their role is to ensure and certify that you understand the LPA and have not been pressurised into signing it.
With a Lasting Power of Attorney in place you are still free to deal with matters for yourself so long as you feel able or are willing to do so. The Power of Attorney can be revoked at any time while you still have mental capacity, and conditions can be placed upon its use or scope.
The good news is that by combining your visit to us for a Will and LPA we can offer big savings over standard prices…ask us for details.
Call us today on 0800 088 6004 – you’ll be drawing on the experience and expertise of one of the most established teams in the area which offers the convenience of meeting you at a convenient location across Northamptonshire and Leicestershire including Northampton, Kettering, Corby, Higham Ferrers, Wellingborough and Leicester.