Lisa de Silva explains the importance of a Lasting Power of Attorney to ensure your best interests are looked after should you become unable to make financial decisions for yourself
A Lasting Power of Attorney (LPA) gives peace of mind that your best interests and future wishes are protected when you’re no longer able to make decisions for yourself. When someone loses mental capacity, many believe the next of kin or a family member has the automatic right to step in to manage a loved one’s affairs, but without an LPA this is not the case.
What is a Lasting Power of Attorney (LPA)?
An LPA is a legal document allowing someone you trust, known as an attorney, to make decisions on your behalf and look after your financial affairs, as well as your health, and welfare. They ensure someone you trust is looking after your best interests.
There are two types of LPA. One is a Financial LPA and allows your attorney to control bill paying, investing, buying, and selling property and anything else related to your finances. The other type is a Health LPA covering care and welfare decisions, such as where you live, medical care, nutrition, and social activities.
When do you need an LPA?
LPAs are vital to protect your future interests and care. A Financial LPA means that if you are no longer able to make decisions or no longer want to manage your finances, a trusted attorney can do this for you.
A Health LPA only comes into force when you have lost mental capacity to make decisions about your welfare and care. They are particularly important where someone has been diagnosed with dementia and no longer has the mental capacity to make their own decisions. With an LPA already in place, a loved one can make those decisions on the person’s behalf.
What happens if there is no LPA in place?
If a loved one loses mental capacity or suffers a catastrophic accident and cannot make decisions for themselves, family and next of kin do not have the automatic right to pick up the reins and act for them. They will not be able to access the person’s money to pay for social or medical care or pay bills on their behalf.
In this extremely stressful situation, the only option is to apply to the Court of Protection, who can appoint a deputy to make financial and health decisions for the person. This can take between 9 and 12 months and can be an expensive and traumatic process.
This is why it is essential to set up both forms of LPA while you have mental capacity, to ensure your peace of mind.
How to set up an LPA?
The Office of the Public Guardian (OPG) is a government organisation which registers power of attorney, provides support to attorneys, and investigates complaints concerning attorneys.
The relevant forms can be downloaded, along with an information pack and can either be completed online or by hand.
For support in completing the forms, the Citizen’s Advice Bureau can help, or you can pay a solicitor to help, if your affairs are particularly complex. Each form must be signed by a certificate provider, confirming you understand the process and haven’t been put under pressure to sign it. This can be someone you know well or a doctor, social worker, or solicitor.
In England and Wales, the fee for each LPA to be registered is £82, but it can be free for those on low incomes or receiving certain benefits. The process can take between 3 and 6 months.
Can I make changes to my LPA?
Once an LPA has been registered it is not possible to change it. However, if you still have mental capacity, you can cancel an LPA. If you’re unhappy with your attorney and the decisions being made you can raise your concerns with the Office of the Public Guardian, the local police force or speak to someone at the charity Hourglass about financial misuse or abuse. The helpline number is 0808 808 8141.
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