Five important reasons why you should have Lasting Powers of Attorney in place

A will declares your wishes on how your assets are to be handled upon your death. The LPA, on the other hand, sets out your wishes on how your assets and your health are to be managed while you are alive if you lose the ability to make decisions yourself. It is, of course, crucial that someone you trust can look after your property, finances and personal welfare if you become unable to do so. 

You never know what’s around the corner. It’s sensible to have an LPA in place, at any age, so your loved ones don’t face uncertainty or conflict. Unexpected events, such as sports or car accidents, can happen to anyone, even in the prime of life.

Are there people you wouldn’t want making important decisions on your behalf? Having an LPA in place means that you have the freedom to choose trusted individuals as your attorneys. Without an LPA, anyone who believes they are the right person to manage your affairs can apply to the Court of Protection to act for you as a deputy. With an LPA, you decide who manages your affairs, rather than leaving it for the court to decide. You can also provide specific instructions and preferences on how you want things to be done in a supporting letter of wishes. The health LPA includes whether attorneys can give or refuse consent to life-sustaining treatment on your behalf.

If you don’t have an LPA in place and a doctor determines that you lack the mental capacity to make one, you will no longer be able to make the LPA at that stage. Instead, someone will need to apply to the court to become your deputy. This is more costly and time consuming for your family and friends, especially during an already stressful time.

If circumstances change while you still have mental capacity and you wish to change your attorneys, your existing LPA can be cancelled (revoked) and a new one created. You can also appoint replacement attorneys in case your main attorneys die before you or become unable to act. If you have appointed more than one attorney and one of them is unable to deal with matters, such as being away on holiday, the other attorney can act alone to make simple or urgent decisions.