A Plan for When Life Doesn't Have One
If life always went to plan things would be so much easier, but it’s a sad fact that circumstances change, sometimes overnight, which can leave us feeling worried and unsure of what to do next. There are things that a solicitor can do to help you protect your future from such uncertain eventualities.
Lasting Power of Attorney
Writing a Lasting Power of Attorney (LPA) is one of the best ways to guarantee that your family can look after your affairs when you are no longer able to do so. You never know what’s around the corner so we would always advise putting this in place sooner rather than later.
More often than not we find that people create a Lasting Powers of Attorney in later life when there is a higher chance of mental capacity being lost through something like dementia, however, mental capacity can be lost at any age as a result of maybe an accident or a stroke so we would also advise anyone with complex financial affairs to have one as well.
If dementia has been diagnosed there is usually still time to get an LPA in place but you must act quickly, before capacity is lost. If the solicitor feels that it has been left too late then a medical report will be required as part of the process to confirm whether or not the LPA can go ahead.
If mental capacity is lost and there is no LPA in place you would have to go through the Court of Protection to gain the right to look after their affairs. This can be a very costly process as the court fee alone is £400 and it can take several months. In this time, their assets may have been frozen.