As we all know the population is ageing and we are now expected to live 5* years longer than a decade ago. Never before has there been a greater need for good financial and legal planning for later life.
Bingham-based Fraser Brown Solicitors can help with this type of planning, and especially putting arrangements in place to ensure if you lose mental capacity then somebody pre-appointed by you can deal with your affairs on your behalf.
Prior to October 2007 it was possible for an individual to put such arrangements in place by making an Enduring Power of Attorney (EPA). However, recent changes to the law mean old style EPA’s have been replaced with what are called Lasting Powers of Attorney (LPA).
The main difference is, that with a Lasting Power of Attorney, as well as being able to appoint an Attorney to make decisions about your property and affairs, you can also appoint an Attorney (if you chose to do so) to make important decisions about your personal welfare including long term health care and treatment in the event that you are unable to make such decisions for yourself.
A Lasting Power of Attorney is an important document to have in place. If you do not make one, and subsequently lose the mental capacity to make decisions, then someone, usually a family member, will need to apply to the Court for an Order authorising them to make certain decisions for you. This procedure is ultimately more costly and complex than making a Lasting Power of Attorney and can be very distressing and frustrating for the family.
Lasting Powers of Attorney will only become valid once they are registered with the Office of Public Guardian and in respect of personal welfare matters they can only be used when you lose the mental capacity to make such decisions for yourself.
Joanne Buckley, a Solicitor at Fraser Brown in Bingham says: “If someone is worried about who will make decisions on their behalf when they aren’t able to, then setting up an LPA is the best option.
Unlike the old EPA, there is an added layer of security which will help to take away the risk that someone might be tempted to abuse the power of attorney if you are not able to make your own decisions for any reason.”
Joanne adds: “If anyone can’t look after their own bank accounts because of age or illness, the cost of not having an LPA can be drastic, not only for the person who is poorly, but also their family. Taking this small step now can make life in the future so much easier for everyone.”
For more information on making a Lasting Power of Attorney please contact Joanne Buckley at Fraser Brown on 01949 838439.
For further information contact Kate Downs at Eden PR on 0115 852 4717 or at kate@edenpr.co.uk