Five reasons why you should make a Lasting Power of Attorney (LPA)



It is important to put arrangements in place early, so if you are incapable of managing your own affairs, someone we trust and who loves us can make these important decisions on our behalf.  If you do not have an LPA, the Court of Protection will intervene and manage your financial affairs for you. It is worth noting that it is extremely rare for the Court of Protection to appoint anyone to deal with your health and welfare decisions.  Without an LPA Health & Welfare in place, any decisions regarding your health or where you were to live etc. would be made by social services, medical staff or the local authority.


Save money in the long term

Without an LPA, if the Court of Protection manage your finances, the legal fees could amount to thousands of pounds and you as a family member have no say in how the money is to be spent.


Peace of mind

People you trust and who love you will be allowed to manage your affairs under an LPA when the need arises, rather than an unknown lawyer at the Court of Protection or the local authority.


Save distress to your family

Without a Lasting Power of Attorney in place, your loved ones will find it very difficult to manage your financial affairs for you, as they will have no legal authority to do so.  This will only add to the stress of having to also look after your personal needs because of your incapacity.


Prevent financial hardship to your family

'The British Bankers' Association have published a leaflet to ensure people lacking mental capacity get the banking services they need.  It is called Banking For People Who Lack Capacity To Make Decisions and is designed as a simple but exact summary of the options currently available.  On Page 5 it states that 'If you are a joint account holder and the other joint account holder becomes mentally incapable, you do not automatically have the right to access the account unless you have a LPA, EPA or Order from the Court of Protection'.

If a joint account was frozen this could result in severe financial hardship for a spouse/partner as they would not be able to access the monies in the account(s)

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