It’s a fact! – We are all living longer….
It is therefore very important we plan for the future – not in respect of making sure we have enough money to live on (although that is important) but for how that would be accessed or could be used to care for us in our old age, when there may come a time where we can no longer make these vital decisions about our future finances and our care.
A Lasting power of attorney (LPA) is one way to plan ahead. An LPA enables you to choose to give someone you trust the power to act on your behalf in situations which you have identified. The person to whom you give this power is called your Attorney.
There are two different types of LPA: property and affairs, and health and welfare. You can choose to make both types, or just one. You can have the same attorney for both, or you can appoint different attorneys.
A Property and Affairs LPA covers decisions about money and property. If there comes a time when you can no longer manage your finances, your Attorney(s) can do this for you. This could include paying bills, collecting your benefits, or selling your house.
A health and welfare LPA allows your Attorney(s) to make decisions on your behalf about your future day-to-day care if you are no longer able to care for yourself. This may include (if you wish) the power to accept or refuse life-sustaining treatment on your behalf.
You decide what powers the attorney can have.
LPA’s need to be registered with the Office of the Public Guardian before they can take effect and there is a registration fee for each document which is currently £110.00.
Choosing to appoint someone else to manage your money or property, or to make decisions about your health and welfare are big decisions which need careful consideration and guidance and you will need to have a conversation with those close to you to help you decide what is best. Once you have an idea of what you want, give us a call for an initial chat or to make an appointment to come and discuss your needs and we will help to guide you in the right direction. Tel 01273 474159