A Will covers what happens after you die. A Lasting Power of Attorney (LPA) covers what happens if you lose mental capacity while you’re still alive – and without one, nobody automatically has the legal right to manage your money or make care decisions for you, not even a spouse.
There are two types: one for property and financial affairs, one for health and welfare. Without either, your family must apply to the Court of Protection to become your deputy – a process that typically takes several months and costs considerably more than an LPA, with ongoing Court supervision afterwards.
Business owners are especially exposed: banks routinely freeze accounts once they suspect a customer lacks capacity, which can halt payroll and supplier payments overnight if you’re the sole signatory.
Registration with the Office of the Public Guardian currently takes a good number of weeks, so LPAs need setting up well before they’re needed. Old Enduring Powers of Attorney, meanwhile, never covered health and welfare at all.
Get in touch to make sure both halves of your plan are covered.