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PLANNING FOR LATER LIFE 101
UNEXPECTED PLANNING FOR THE
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 for whatever reason, so is now the time to consider an LPA?
family 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 image, this process can be time consuming and costly. One positive way of dealing with things is to create a Lasting Power of Attorney (an 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. When a person makes the decision to
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create a Lasting Power of Attorney, either for health and welfare or for property and fi nancial affairs, they should give careful thought as to who they choose as their attorney. It may well be that the person best placed to look after their health and
any of us do not think twice about ensuring that we are adequately insured to protect ourself and our
welfare may be a different person to whom they choose to make fi nancial decisions. You do not need to name the same person as attorney in relation to both documents. This having been said, it is important that the attorneys are able to work alongside each other as frequently there are fi nancial implications as a result of decisions made in relation to somebody’s health and welfare. 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.
YOU CAN ONLY SET UP AN LPA WHEN YOU HAVE THE MENTAL CAPACITY
THERE ARE TWO TYPES OF LPA: • Property & Finance • Health & Welfare
The property and fi nance 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).
Peace of mind
LPAs can be set up relatively cheaply online 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/professional 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.
Future safeguards
Some people are also concerned about what safeguards there are. Firstly, you select someone you know or someone you trust, like a solicitor, to be your certifi cate provider. They will discuss your forms with you and counter-sign them for you if they agree the forms have been completed in accordance with your wishes and that
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