Lasting Power of Attorney: Why You Should Plan Ahead
by Jamie Blinko An LPA is not just for later life. Find out why making a Lasting Power of Attorney early can help protect your finances, property, health and welfare if the unexpected happens. Many people assume that a Lasting Power of Attorney (LPA) is something to consider later in life. While LPAs are often associated with retirement and ageing, they can be just as important for younger adults, professionals, homeowners and parents. An LPA allows you to appoint trusted individuals to make decisions on your behalf if you become unable to do so yourself. Loss of mental capacity can happen at any age through: Serious illness Stroke Road accidents Brain injuries Unexpected medical emergencies As a result, LPAs can be just as relevant for people in their 30s, 40s and 50s as those in later life. Despite growing awareness, most adults still do not have an LPA in place. More than 85% of UK adults have not made one, despite over six million LPAs being registered across England and Wales. There are two types of LPA: A Property and Financial Affairs LPA allows your attorneys to help manage bank accounts, property and other assets. This can be particularly important where finances are held in one person’s sole name, as family members may otherwise be unable to access funds or deal with important matters if capacity is lost. A Health and Welfare LPA enables your attorneys to make decisions about medical treatment, care arrangements and daily welfare if you are unable to do so yourself. Without an LPA, families may need to apply to the Court of Protection for a deputyship order, which can be costly and stressful. At Harold G Walker Solicitors, we believe LPAs should be viewed as an essential part of life planning for adults of all ages. To help more people put these protections in place, we are currently offering LPAs at half price. Contact our team to learn more.