You may have heard about lasting powers of attorney (LPAs). You may think it is a good idea to make one…..some day. They are a document for tomorrow, surely?
What is an LPA?
An LPA is a legal document that enables you to appoint trusted people (known as attorneys) to manage your affairs and make decisions on your behalf if you lose mental capacity.
When is an LPA needed?
An LPA will be needed whenever you are prevented through mental incapacity from making your own decisions. Your attorney can then work for you to make decisions in your best interests.
It is impossible to know when LPAs are going to be needed. They are often associated with old age – something to make at retirement, or towards the end of your life. But this is by no means the full picture.
Mental incapacity can strike at any age, and for a variety of reasons. It can be the result of a gradual deterioration because of dementia, for instance. However, it can also be the result of a sudden life event, such as a stroke, or an accident – something unexpected and life changing.
Or it can result from a physical incapacity, such as cancer or motor neurone disease.
If the pandemic has taught us anything, it is the value of being prepared.
What is the process for making an LPA?
The process of making an LPA has two stages. The first stage involves decisions about the document itself, and the gathering of the signatures of everyone involved.
The second stage involves the registration of the document with the Office of the Public Guardian (OPG). The OPG confirmed in May 2021 that their registration process was taking 20 weeks. This has increased since then.
As the LPA cannot be used until registration, forward planning is essential.
How does my life change if I have an LPA?
If you make an LPA, does your day-to-day life change at all?
The short answer is ‘no’. All of the time you have mental capacity, your life is unchanged.
Your attorneys will not have access to your affairs (unless you choose to grant this), and your attorneys will not have authority to take any action without your instructions. You will remain in control.
If you have an accident or otherwise lose mental capacity, your attorneys will be able to take action to protect you immediately.
This forward planning allows for continuity in your affairs, for your trusted attorneys to protect you should the need arise.
In today’s uncertain world, this provides considerable reassurance.
If you are considering making an LPA and would like to know more, please contact Catherine at Legacy Law.
