It’s wise for everyone to plan ahead for the possibility of being unable to handle their own matters, be it for a short period or indefinitely. Many believe that in the event of incapacity, our nearest and dearest would naturally step in to manage our financial and healthcare decisions. Unfortunately, without establishing a Lasting Power of Attorney (LPA), they are legally unable to do so. This lack of preparation can place a heavy burden on loved ones, both emotionally and physically.

An LPA is a vital legal tool that allows you to designate a trusted person to assist with or make decisions on your behalf. Crucially, creating an LPA requires you to have mental capacity. Should you lack this capacity, it’s not possible to create an LPA, and a lengthy, costly process to seek permission from the Court of Protection becomes necessary. LPAs come in two forms: – Property and Financial Affairs – Health and Welfare Property and Financial Affairs Under this LPA, an attorney can make decisions regarding your finances and property even if you’re still mentally capable, unless instructed otherwise. They can handle tasks such as managing accounts, paying bills, collecting income, and selling property on your behalf. Health and Welfare This LPA allows an attorney to oversee your social and healthcare needs when you’re unable to make these decisions yourself. They could decide on your living arrangements, medical care, care home admission, and life-sustaining treatments.

It’s important to remember that once mental capacity is lost, it’s too late to set up LPAs. Consider them as a form of insurance — hopefully unnecessary, but invaluable when needed. Legal provisions for creating Lasting Powers of Attorney ensure that your affairs can be managed by those you trust, avoiding the complications and expenses that come with legal interventions later on.