22 Nov Do I need a Lasting Power of Attorney?
Do I need to register a Lasting Power of Attorney (LPA)? This is a question we are asked frequently. The answer is, anyone who has an asset (for example a house or savings/investments), has a family, or is in poor health, should register a Lasting Power of Attorney.
Should you ever lose mental capacity either due to an illness or due to an accident, you would need someone else (usually your spouse, partner, children or a close friend would be appointed your attorneys) to look after your financial affairs and your welfare.
Having a Lasting Power of Attorney in place would make life a lot easier for the people responsible for looking after you. They would be able to manage all your finances and make decisions relating to your health and welfare with minimum difficulty if and when you are unable to do this yourself.
This must be done while you are still in good mental health and cannot be done once you have been diagnosed with dementia or Alzheimer’s disease or any other mental illness or disability. Once you have lost mental capacity a totally different process would need to be followed, i.e. an application would have to be submitted to the Court of Protection.
I our opinion, a Lasting Power of Attorney is an essential document for anyone who owns a house, has savings or investments, has a family, or is in poor health.
Should you require guidance or further information on how to register a Lasting Power of Attorney, please feel free to contact us and we’ll be happy to assist you.