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PLANNING FOR LATER LIFE 131


Planning for the


whether it be life cover, critical illness, payment protection or health insurance. That is all very well as this can provide fi nancial protection, but what if you are incapacitated, either short-term or long- term – who will be able to deal with and manage your fi nancial affairs until you are able to do this again yourself? When someone becomes unable to make decisions for themselves, a family member, friend or a professional Deputy can apply to the Court of Protection for a Deputyship Order. The Court will then appoint a suitable Deputy to act on their behalf. As you can probably imagine, this process can be time-consuming and costly. One positive way of dealing with things is to create a Lasting Power of Attorney (LPA); a legal tool to appoint people you know and trust to look after your property and fi nancial affairs or health and welfare should you become unable to do so yourself.


It is imperative to note you can only set up a Lasting Power of Attorney when you have mental capacity. Once you’ve lost capacity, it’s too late. There are two types of LPA: • Property and Finance • Health and Welfare


unexpected M


any of us do not think twice about ensuring that we are adequately insured to protect ourself and our family


Further help


Ask the Offi ce of the Public Guardian (OPG) about help you can get if you: • Don’t have a computer or internet access. • Want to use the online service but need some help. • Email Offi ce of the Public Guardian at customerservices@publicguardian.gsi.gov.uk or call 0300 456 0300 (open Monday, Tuesday, Thursday, Friday, 9am-5pm, Wednesday, 10am-5pm. • For more information, visit www.gov.uk/power-of-attorney/make-lasting-power


People of all ages are becoming increasingly prepared to face up to the possibility that in the future they could become unable to make decisions for themselves due to mental incapacity, whether brought on by a sudden accident, illness or advancing age


People often choose to have just a property and fi nancial LPA, but a health and welfare LPA will put your family in a stronger position if social services intervene.


YOU CAN GIVE YOUR ATTORNEYS INSTRUCTIONS


TO DEAL WITH YOUR AFFAIRS IN A CERTAIN WAY


The Property and Finance document enables the person/people you have nominated to manage your fi nancial affairs and deal with your assets as necessary, perhaps the sale of your home if you need to go into residential care. The Health and Welfare document enables the same or different people to make decisions regarding your health, such


as medical treatment in consultation with the medical professionals; which residential home you wish to go to if the need arises and many other personal decisions. Before your chosen attorneys can use the powers, they need to be registered by the Offi ce of the Public Guardian (OPG). LPAs can be set up relatively cheaply, with or without the help of a solicitor, but they are a powerful and important legal document and you may wish to seek advice from a legal adviser with experience of preparing them for peace of mind. Setting up an LPA does not mean that it takes immediate effect and you can give your attorneys instructions to deal with your affairs in a certain way. For example, you can state that your attorneys can only act for you if you lose your mental capacity. Solicitors can advise you on the instructions that are possible and are permitted by the OPG.


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