You may think that if you are young, the time for worrying about making a Lasting Power of Attorney (LPA) is far in the future. While this is a common assumption, there are many reasons to consider setting one up sooner rather than later.
Tragedy can occur at any age. Without an LPA in place, if you were suddenly to become incapacitated, it would not be easy for your loved ones to access your money or pay your bills. Even in temporary situations, such as if you were in hospital or away on an extended trip, having an LPA can be extremely useful.
An LPA is not just for when a person loses capacity to make decisions. The document can be set up so that its powers begin as soon as it is registered. This may be helpful if you would like someone to assist you with day-to-day matters, such as paying bills, managing bank accounts, or even buying and selling property. Whether you are about to embark on a world cruise or simply want some extra support, making an LPA is a key step in life planning.
For those who consider themselves neuro diverse, an LPA can be particularly valuable. Having a trusted person to assist with decision-making could be vital to protecting yourself and your finances. Your attorneys, if you appoint them, may be able to access your bank accounts, help with financial paperwork, handle property transactions, or even instruct legal professionals on your behalf, but only with your consent.
While LPAs are most commonly associated with the elderly, there is no need to wait until later in life to make them. If something unexpected were to happen, it is far better to have planned ahead. Making an LPA now will give you peace of mind that you and your loved ones are protected.
If you lose capacity without an LPA, the court will decide who has the power to act for you through a Deputyship Order. This process is not only stressful for your family but also significantly more expensive and time-consuming than creating LPAs in advance.
It is also worth noting that costs are rising. The registration fee is due to increase to £92 in November this year and may rise further in the future. Fees for preparing LPAs through law firms may also increase, meaning the cheapest time to set up LPAs is now.
If you would like to discuss making Lasting Powers of Attorney, or if you have any questions about what they involve, please get in touch with our Private Client Team on 01304 873344 or enquiries@mowll.co.uk. We are available to meet clients at our offices in Dover and Folkestone, or remotely if preferred.