What you really need to know about doing an LPA.
I’d hazard and guess and say you’ve probably heard of lasting powers of attorney, or LPA for short, at some point over the last few years.
With popular journalists like Martin Lewis covering the subject and stressing its importance with the aging population, it’s certainly something we have seen pick up a lot of steam, and for good reason.
Let me fill you in on the situation.
First the good news…
With the average life expectancy creeping up from 69 in 1950, to 82 in 2024, it’s safe to say people are living longer, healthier lives; leaving you more time to do the things you love with the people you love.
Either that or more time out blowing their inheritance! (Don’t worry, we won't tell if you don’t).
Now, the not-so-good news…
Unfortunately, this increase in life expectancy isn’t all a bed of roses and can lead to some complications as we progress into our golden years.
With 1 person developing dementia every 3 minutes and 100,000 people suffering from strokes a year, the need for people requiring care, or relying on someone to handle their affairs is also moving in an upward trend.
Yes, I know, awkward conversation incoming…
No one wants to be thinking about being in that situation and trust me, I could think of a gazillion topics I would rather talk about than the consequences of “losing our faculties” and not having a couple of legal documents.
I am sure you would much rather be fantasizing about going on a cruise or taking that much-deserved countryside retreat, but let's be realistic here for one minute, and you can get back to those “someday” plans soon, I promise!
So, why should we be bothered about this, and what are the risks of not having an “LPA” set up?
Good question, and to answer that, all you need to do is ask yourself one thing; If you are to lose capacity at any point, would you want?
Unless you’re a member of some alien race, I’m pretty sure the answer to that will be a resounding “NO”.
Yes, all those times you kept saying to each other “Maybe we should get that done” or your kids being onto you about “getting everything sorted”, don’t quite look like trivial conversations you keep brushing to one side.
To keep it simple and to the point, a lasting power of attorney is made up of two legal documents; one covers your health/welfare, and the other covers your finances/property. This allows you to appoint one, or multiple, trusted people to make decisions on your behalf, should you lose capacity at any point.
Pretty much all decisions are going to fall into one of those brackets, so you can rest assured knowing your wishes are being safeguarded.
Seems simple, doesn’t it?
That being said, there are usually a few “burning questions” we get that I feel would be beneficial to cover…
As strange as it might seem, without a lasting power of attorney in place you have no legal right to make decisions for your spouse if they lose capacity.
Apparently, until death do us part doesn’t seem to apply here… an unnerving situation to imagine.
Absolutely not; you can choose to give power straight away, or state ONLY when you lose capacity, your trusted attorney takes control.
You call the shots here.
After all, this is why you are doing it in the first place, YOU get to decide what happens and when.
Unfortunately, If you lose capacity, you can no longer sign off on a power of attorney; It’s MUCH better to get it done well in advance. Save your family the stress, time, and money of going through the courts.
Nobody wants to deal with that…
If you know who your attorneys are, you’re good to go. The beauty of it is, that once it's set up, it’s set up for life; no faffing about when you’re well into retirement, no nagging conversations with the kids who keep telling you “To get it all in place”.
Sort it early, put it in a safe place, job done.
As human beings, we tend to put things off we don’t want to do for as long as possible; this is perfectly natural and believe me, I’m one to sometimes let procrastination get the better of me; just can ask the ladies in the office about when it’s my day to take the post or do the shop run…
Usually, this isn’t a big deal if we’re talking about taking out the trash or washing the dishes, but when we’re talking about important life decisions and family, I kind of think this one’s worth the awkward conversation, or temporary feeling of anguish to get in place.
What do you think?
If you’re interested in setting up an LPA with your will, just let us know during your appointment; we can fill you in with any gaps, answer any questions, and get you on the way to complete peace of mind.
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