As we mark Alzheimer’s Awareness Month, it’s a timely reminder of the importance of planning ahead, particularly when it comes to managing our financial affairs and health care decisions.
One of the most effective steps individuals can take is to put in place Lasting Powers of Attorney (LPAs). These are legal documents allow a trusted person (or people) to make decisions on your behalf if you were to lose mental capacity—whether due to Alzheimer’s, another form of dementia, or an unexpected accident or illness.
What happens if you don’t have an LPA?
Without an LPA, no one, not even a spouse or close relative, has the automatic legal right to manage your finances or make decisions about your care on your behalf. Instead, your family would need to apply to the Court of Protection for a Deputyship Order. This process is;
- Time consuming: Often taking 6 to 12 months to be granted.
- Expensive: Involves higher court fees, solicitor costs, and ongoing annual reporting charges even once the Deputyship has been granted.
- More restrictive: Deputies have less flexibility and more obligations than attorneys under an LPA.
- The Court chooses your Deputy: it is ultimately up to the Court of Protection to choose your Deputy (or Deputies).
During that time, your finances may be frozen, bills unpaid, and care decisions delayed adding significant stress to an already emotional situation.
The Benefits of Acting Early
Creating LPAs, both for Property and Financial Affairs and Health and Welfare, while you still have capacity ensures:
- You stay in control by choosing who acts on your behalf.
- Your wishes are known and can be respected.
- You spare your loved ones from making difficult applications during a crisis.
- You avoid delays and costs associated with court intervention.
An LPA is not just for the elderly, it’s for anyone who wants to plan ahead. Alzheimer’s and other conditions can affect people earlier than expected, and sudden illness or injury can happen at any age.
How we can help
In summary, we can’t predict the future, but we can prepare for it. Putting LPAs in place is a simple but powerful way to protect your autonomy and give your family peace of mind. If you haven’t yet made one, or need to review an old one, please to not hesitate to be in touch with Christine Glynn our specialist Wills & Probate lawyer, to discuss your options and get started on securing your future. Call 020 3440 8000 or email Christine.Glynn@tvedwards.com.
Seeking legal advice ensures that the documents are prepared properly and are in line with your wishes.
Sooner rather than later is always better.
Disclaimer: The information on the TV Edwards website is for general information only and reflects the position at the date of publication.