by Jamie Blinko
An LPA is not just for later life. Find out why making a Lasting Power of Attorney early can help protect your finances, property, health and welfare if the unexpected happens.
Many people assume that a Lasting Power of Attorney (LPA) is something to consider later in life.
While LPAs are often associated with retirement and ageing, they can be just as important for younger adults, professionals, homeowners and parents.
An LPA allows you to appoint trusted individuals to make decisions on your behalf if you become unable to do so yourself.
Loss of mental capacity can happen at any age through:
- Serious illness
- Stroke
- Road accidents
- Brain injuries
- Unexpected medical emergencies
As a result, LPAs can be just as relevant for people in their 30s, 40s and 50s as those in later life.
Despite growing awareness, most adults still do not have an LPA in place. More than 85% of UK adults have not made one, despite over six million LPAs being registered across England and Wales.
There are two types of LPA:
- A Property and Financial Affairs LPA allows your attorneys to help manage bank accounts, property and other assets. This can be particularly important where finances are held in one person’s sole name, as family members may otherwise be unable to access funds or deal with important matters if capacity is lost.
- A Health and Welfare LPA enables your attorneys to make decisions about medical treatment, care arrangements and daily welfare if you are unable to do so yourself.
Without an LPA, families may need to apply to the Court of Protection for a deputyship order, which can be costly and stressful.
At Harold G Walker Solicitors, we believe LPAs should be viewed as an essential part of life planning for adults of all ages. To help more people put these protections in place, we are currently offering LPAs at half price. Contact our team to learn more.
Frequently Asked Questions About Lasting Power of Attorney
Yes. Adults can make a Lasting Power of Attorney while they have the mental capacity required to make their own decisions. An LPA is not only for people approaching retirement or later life.
There are two types of LPA: a Property and Financial Affairs LPA and a Health and Welfare LPA. They cover different types of decisions and can help ensure trusted people can act on your behalf when appropriate.
If you lose mental capacity without an appropriate LPA in place, your family may need to apply to the Court of Protection to become a deputy. This can take time and involve additional costs and legal processes.
No. Being your spouse, partner, child or other family member does not automatically give someone legal authority to make decisions about your finances, property or welfare if you lose mental capacity
You should make an LPA while you have the mental capacity required to understand and make the decisions involved. Planning ahead allows you to choose who you want to make decisions on your behalf.
Not necessarily. You can make a Property and Financial Affairs LPA, a Health and Welfare LPA, or both. The right option will depend on your circumstances and the decisions you want your attorneys to be able to make.
A Property and Financial Affairs LPA can allow your attorneys to help manage matters such as bank accounts, bills, property, pensions and other financial affairs, depending on the authority you give them.
A Health and Welfare LPA can allow your attorneys to make decisions about matters such as medical treatment, care arrangements and daily welfare when you are unable to make those decisions yourself.
