If you were to become incapacitated and unable to function, decisions about your finances or health might need to be taken on your behalf. Without an LPA, an application would need to be made to the Court of Protection in order for someone to be appointed to make those decisions (your deputy).
The person appointed as deputy may not have been the person you would have chosen and the process is known to take some time. The cost is also far higher than that of putting an LPA in place.
Depending on your circumstances those around you may suffer. LPAs should, therefore, be regarded as another insurance policy vital to the ongoing quality of your life and that of your dependents.
As Standard there are two major forms of LPA: –
Health and Wellbeing, which covers, as it suggests, decisions about your personal welfare including if agreed by you the ability to withdraw life sustain treatment.
Financial Affairs, which is aimed at keeping the normal day to day monetary processes under control.
However, when considering who might act as your attorney in respect of your financial affairs, one should think about their experience and relevance to specific sectors.
For example; your spouse might not be comfortable making decisions about businesses you may own or perhaps you have a complicated pension or investment portfolio.
We will be able to advise when and how to arrange and register different LPAs for separate parts of your financial affairs.
Please remember each LPA attracts it’s own registration fee.