What will happen if you become unable to manage your affairs?

Posted on May 21, 2015 in General

Many have no idea and information can be hard to come by. The benefits of having a Lasting Powers of Attorney (LPAs) can be invaluable.

Life expectancy has increased dramatically, as such, many are expected to suffer from cognitive disorders, such as dementia, and, in the future, will require assistance managing their affairs. Why cross those fingers and hope this won’t happen to you? Why not face this very real possibility head on and prepare for it?

If you make an LPA, you can appoint people you trust to make decisions on your behalf, if you are ever unable to do this for yourself.A Property & Affairs LPA will allow your Attorneys to, amongst other things:

buy or sell property,
operate bank accounts,
look after investments,
run your business; and
deal with tax affairs.

A Health & Welfare LPA, will allow your Attorneys to, amongst other things:-

decide where you live - arrange for nursing or residential care outside of the home,
make decisions about your day to day care - arrange care for you in your own home,
consent to, or refuse, medical treatment, and
to make life sustaining treatment decisions.

If you do not have an LPA and you become unable to manage your affairs, your family wouldn’t be able to assist you without applying to the Court of Protection for a Deputyship Order. This is very costly and can take some 6 months or more to be granted, during which time your affairs are frozen. Deputies are subject to cumbersome rules, adding large costs which can be avoided if you have an LPA.

Many couples nowadays have separate bank accounts, savings and investments. If you became ill and need to be provided with professional care, whether at home or in a residential home, your loved ones won’t be able to access your funds to pay for your care. Not even your spouse or civil partner! This could create significant financial pressure and could jeopardise the continuity of the care you need. This stress, at an already difficult time, could be avoided if you have an LPA.

Wolferstans Private Client team are happy to assist with the preparation and registration of LPAs and to answer any queries you may have. Don’t put it off! Contact Wolferstans to arrange an appointment.

Kearney WashTel: 01752 292242kwash@wolferstans.com

Rebecca BawlerTel: 01752 292322rbawler@wolferstans.com