Why is a Lasting Power of Attorney so important? Surely my spouse and children can look after me if I lose capacity.
by James Rust
When discussing Lasting Powers of Attorney with clients we are often asked why these are necessary. Many people believe that should they lose capacity later on in life their next of kin can automatically take over the management of their affairs without any documentation in place.
Unfortunately, this is not the case. Although your spouse has some legal rights over property you own together jointly, they can be restricted with what they can do with that property. For example, if you have a home together which is held in joint names, it would require both signatures in order that the property could be sold. If one party has lost capacity and is unable to consent to this then considerable delays could be caused with the transaction. They will not have the ability to deal with any assets held in your sole name.
A simple way to avoid this is to put a Lasting Power of Attorney in place. This allows you to choose people that you trust to manage your affairs if you are no longer able to do so yourself. You can make sure that both your finances and your health are looked after by deciding to put both Lasting Powers of Attorney in place. You can learn more about the types of LPA on the UK Government’s official guidance page.
Contact our team today!
Putting a Lasting Power of Attorney in place gives you peace of mind and ensures your wishes are respected, no matter what the future holds. Don’t leave it to chance or assume your loved ones can automatically step in – take control now while you still can. For further context, the Office of the Public Guardian oversees the registration of LPAs in England and Wales. Contact our experienced and approachable team today to discuss how we can help you set up a Lasting Power of Attorney that truly protects your interests. Our friendly team will be pleased to assist you further.