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Lasting powers of attorney (LPA). It pays to plan ahead !
1. Berkeley Trusts and Wills
Lasting Powers of Attorney - It pays to plan ahead in case you are mentally or
physically incapacitated!
According to the UK Alzheimer's Society 2013 data:
There are now more than 800,000 people with dementia in the UK.
Numbers are set to rise to over 1 million by 2021.
By 2050 this number will soar to 1.7 million.
One in three over 65 will develop it, the incidence increasing with age.
There are over 17,000 people under 65 with dementia in the UK.
Dementia affects 11,000 people from black and minority ethnic groups in the UK.
http://www.alzheimers.org.uk/site/index.php
Figures from The Office of the Public Guardian, year ending April 2013 suggest that through
increased public awareness the number of people managing a relative’s financial affairs or
health/welfare issues is increasing dramatically year on year. There was a rise of almost a
quarter in the number of powers of attorney registered in the year to April 2013 at around
246000, compared to 199000 the previous year.
A Lasting Power of Attorney (LPA) gives another individual the legal right to look after your
financial affairs, or health and welfare should you lose the capacity to do so. LPA’s are not
just designed for the elderly, mental and physical incapacity can hit at any age, which is why
it is always recommend to plan ahead to ease the potential burden on family & loved ones.
Today, if an adult loses the ability to make their own decisions, all their financial
arrangements including bank accounts and investments, even those held jointly are “frozen”.
Financial institutions will quote the Incapacity Act, and deny the spouse and family all access
until they can produce Court of Protection authority to act and sign on the incapacitated
person’s behalf. Until then, no access to funds!
If you do not have a Lasting Power of Attorney in place, and later become mentally
incapacitated, relatives will face long delays and expense in applying to the Court of
Protection to gain access and take control of your assets and finances.
LPA’s are designed to be recognised by financial institutions, care homes and local
authorities, as well as benefit and pension authorities. They are legal documents that can be
set up relatively cheaply, in fact many people set them up at the same time as arranging their
Will.
2. Berkeley Trusts and Wills
If you lose mental capacity through illness or an accident who will look after your financial
affairs & personal welfare?
Once you have lost mental capacity, just like a Will it is too late to write a Lasting Power of
Attorney (LPA). The courts will appoint a Deputy to run your affairs for you, this is costly
and will take time. So much better to have chosen your trusted Attorney’s in advance, as they
know you and will always have your best interests at heart.
Look upon an LPA as an insurance policy, you hope you’ll never need to
use it, but the consequences of not having one are a nightmare!