I find it really interesting to hear people’s reasons why they don’t need Lasting Powers of Attorney.
Most people are aware of families where say the husband has suffered a stroke, or other debilitating condition, and the wife is having a really tough time, trying to communicate with a utility company.
Remember, the utility company is generally receiving payment from you.
Well, what makes anyone think that a bank, regulated by the Financial Conduct Authority, is going to freely start giving your husband’s money out, even if you tell them that he’s currently receiving rehabilitation treatment from the hospital, and can’t communicate by telephone any more.
If you attend your bank branch in person, and demonstrate to the bank staff that the head of your family can no longer communicate adequately, then a very protective process kicks in – the Court of Protection.
The Court of Protection is so protective that any family I meet who have had to go through their hoops, asks me how quickly I can prepare their Lasting Powers of Attorney (LPAs) ready for them to sign.
LPAs you see, are an excellent way to avoid the Court of Protection’s extra expenses and slow process. When the Office of Public Guardian looks at your Lasting Powers of Attorney, seeing that you have specifically selected attorneys you trust, they are happy to rubber stamp the LPAs, ready for your attorneys to get on and manage your affairs for you.
Naturally, no-one expects to have a stroke, a car accident or some other incapacitating event, and that’s exactly why we should all have LPAs in place.
Some of us are old enough to have the old style Enduring Powers of Attorney (EPAs), but those of you who don’t, should have a serious think about how important it would be to you, for your family to have as easy a time as possible, if you lose your capacity in the future.
LPAs last for your whole lifetime, as long as you get the details right. It’s worth noting that if you appoint your attorneys jointly, if one of them dies before you, your LPA will be cancelled. This is one of those little details that explains why you may wish to seek professional advice when it comes to your Lasting Powers of Attorney.
If you would like to be prepared for any eventuality, give Jane a call on 01727 840 240.