It’s a sad fact of life that an increasing number of people will lose their mental capabilities – and not only as they get older – it can happen to a young person, particularly if they have been involved in an accident. A recent estimate suggests that 1 in 3 people are likely to suffer some form of dementia, either from a natural progression of age, stroke, heart attack or other form of mental illness. Who will take care of your affairs if you cannot?
No one wants to think that this might happen to them but if you have not set procedures in place and it happens, someone has got to step in and sort your affairs out. A relative, friend or professional would have to make an application to the Court of Protection for somebody to be appointed as a Deputy to manage your affairs. This is a slow and cumbersome process and above all, expensive.
This risk can be avoided by making a Lasting Power of Attorney. This is a legal, written document which gives somebody else authority to act on your behalf. It is a special Power that continues even if someone has lost mental capacity to act for themselves.
Lee Young, Wills and Tax Partner, says “There are two types of LPA – Property and Affairs LPA and Personal Welfare LPA – and as the names suggest the Property and Affairs LPA is concerned with the management of assets and the Personal Welfare LPA gives authority as to how you should be looked after, what treatment you should receive etc.”
You can choose one or more Attorneys to act on your behalf – relatives, friends or professionals and you decide whether they will act individually or jointly, and you can restrict what they can and can’t do. These are your decisions and you create the structure that you wish. LPA’s are quite straightforward for your solicitor to prepare and are an easy and inexpensive way of avoiding trouble in the future.
For a free initial meeting please call 01202 499255 and Lee or a member of his team will be happy to discuss any questions you may have.
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