Lasting Powers of Attorney: The Risk of Waiting
Most people understand the importance of having a Will in place. Far fewer give the same attention to putting a Lasting Power of Attorney in place.
Yet in practical terms, the loss of capacity is often a more immediate and realistic risk than premature death.
If someone loses mental capacity without a Lasting Power of Attorney, their family cannot simply step in and manage their affairs.
Even a spouse or adult children have no automatic legal authority to deal with bank accounts, investments, property or business interests.
In these circumstances, families may have to apply to the Court of Protection for deputyship.
This process is typically slower, more expensive and more restrictive than having a Lasting Power of Attorney already in place.
It also involves ongoing court supervision and annual reporting obligations.
A Lasting Power of Attorney allows you to choose who will act on your behalf if you are unable to make decisions yourself.
It provides clarity, continuity and reassurance for both financial and personal matters.
There are two types of Lasting Power of Attorney: one covering Property and Financial Affairs, and another covering Health and Welfare decisions.
Putting these arrangements in place while you have full capacity ensures that decisions remain in the hands of people you trust rather than becoming subject to court processes at a difficult time.