Much like the thought of writing a Will, sorting out a Lasting Power of Attorney is often at the bottom of most people’s priority list. We don’t like the thought of anything happening to us or our loved ones, and it’s often left to think about at a later date. Unfortunately, without a crystal ball we don’t know what our future holds and therefore the best way to prepare and protect ourselves and our families is to sort these things out when we are fit and healthy.
A Lasting Power of Attorney is a legal document enabling one person to make decisions on behalf of another. There are two types of LPA: one dealing with property and finances and another which deals with health and care decisions.
Here are just some of the reasons of why you should make an LPA:
- You have worked hard all your life and don’t want to be troubled anymore with financial matters
- You trust your children/friends and they are to benefit under your will so they may as a well help you now
- You have been married a long time but know that this does not give you the right to handle your spouse’s finances
- You have been married a long time and want the doctors to share your spouse’s medical information with you
- You don’t like going to the bank when there is snow and ice
- You don’t like going to the Post Office when it rains
- Your estranged daughter will take control if she can, and you don’t trust her
- You are on your own and worried about ill health
- You hate dealing with call centres and paying bills
- Your eyesight or hearing are failing
- Your signature is shaky/your hand writing is terrible which leads to banks rejecting your cheques etc.
- There is a history of longevity in your family so you know you will need support with your finances eventually.
Whatever your motivation, if you do not have a Lasting Power of Attorney in place, it may be difficult for your affairs to be properly managed.