Speaking on his podcast, Martin Lewis stated that he thinks Lasting Powers of Attorney (LPAs) are arguably more important than Wills – The Martin Lewis Podcast – Grown Up Stuff: (Free) Wills & (even more important) Power of Attorney – BBC Sounds.
He is absolutely right.
When considering putting our legal affairs in order, most of us think of our Wills. We want to put our Wills in place to help protect our loved ones. We want to know that our loved ones are looked after when we are no longer there to look after them. A Will does not come into being until we die though. We often overlook protecting both our loved ones AND ourselves whilst we are very much alive.
Lasting Powers of Attorney allow us to do just that. How?
Lasting Powers of Attorney typically come into affect if you lose capacity. I say typically as in the case of the finance LPA, there can be some flexibility here. LPAs enable you to name people that you trust to make decisions on your behalf. Your attorneys will be guided by any preferences and instructions that you include within the documents. They will also be guided by their personal knowledge of you and of your views and wishes.
Many clients have said to me that they have put off putting an LPA in place. They often try and manage by themselves. Their reason is it feels like they are imposing a burden on their loved ones. It is clear how LPAs help you. What may not be so clear is how it helps your family as well.
Well, consider what you would do if one of your loved ones lost capacity. Would you know what to do to help them? Do you know if they would want you to make decisions for them or someone else? If you do think they would want you, would you know what their wishes are?
Even if you know where to turn, you will know that to help make decisions for them you would need to apply to the courts. The courts would then decide whether you are given that authority and they would also closely supervise you moving forward. The actual application process is complex and time-consuming. At a time when you want to help, you are having to deal with the courts to obtain authority to help. For those of you are also more economical, it is also much more costly than putting LPAs in place.
Most importantly, creating your LPAs gives you the chance to discuss your wishes with your chosen attorneys. You can explain to them what your concerns are so they know. This ensures they know that should they need to act, they are enacting and protecting your wishes.
So next time you consider your Will, make sure you also consider your LPAs. They are very much more important than your Wills whilst you are alive.
If you have any questions about LPAs please do reach out.
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