A 91 year old client of mine recently reminded me time is of the essence when you are at that age. That is why this lady asked me to help her prepare a Lasting Power of Attorney (LPA) should she become infirm and no longer able to deal with her personal affairs.

In simple terms an LPA is a legal document which permits a third party (called an Attorney) to act on your behalf should you become mentally or physically incapable of dealing with your affiars. It’s a form of insurance, only to be called upon should an emergency arise. They are commonly used to sell the home of the incapacitated person.

It should be said LPAs do not just apply to those advanced in years but apply to all generations e.g. you may become involved in a car accident or have a serious illness.

Let’s just briefly look at what happens if you do not have an LPA and lose mental capacity. Firstly, your relatives will need to make an application to the Court of Protection. This can be expensive (the Court fee alone is £400), impersonal and time consuming. Should it be necessary to sell your home, it will be necessary to apply to the Court for permission to do so. An emergency application can take at least a week or more before a hearing can be arranged! This becomes frustrating for the families, Estate Agents and Lawyers dealing with the sale of a property. Furthermore in most cases the sale must be approved by the Court beforehand, leading to even more delays.

So what are the benefits of an LPA?

1. You will be free to select your own Attorney (unlike the Court of Protection). You may, for instance, not have any children or close relatives living nearby or perhaps you trust your friends or Lawyer more than family members.

2. Peace of mind – You will know beforehand that you have appointed an individual(s) who will act in your best interests.

3. Your chosen Attorney will have a better understanding of your needs and requirements should you need to go into nursing or residential care.

4. You will know that if any of your personal property is to be disposed of it will be done tactfully.

5. It can be used even if you are physically unable to do things but still remain mentally alert. The Court of Protection only deals with those who have lost mental capacity.

6. Matters can be dealt with quickly, efficiently and less costly.

So don’t delay, LPAs are the cheapest insurance you will ever buy and unlike life insurance you will reap the rewards!

Jeremy Edwards

Contact Jeremy Edwards on 01326 318900 for further discussion or email jeremy@prestongoldburn.com.