What would your family do if you couldn’t make financial decisions due to an accident or a medical issue such as a stroke or Alzheimer’s disease? Many people think that their loved ones would be able to deal with your finances as normal, but this is not the case.

Your family may need to wait 6-12 months before they can make financial decisions on your behalf, as they would need to apply to the Court of Protection, which could cost them up to £2000. The financial consequences of not being able to pay bills and control finances during this time could be devastating, not to mention you may not be receiving care in the way you would have wanted.

A Lasting Power of Attorney document (LPA) lets you appoint a trusted person (known as an attorney) to make decisions on your behalf about your finances and your health and welfare, including decisions about your care and life sustaining medical treatment.

With an LPA in place, your trusted person can:

• Access bank accounts

• Write cheques and pay bills

• Sell or rent out property

• Continue to receive pension income

• Continue to run a business

• Decide where you live, and whether a care home or nusing home is best

• Decide whether you are to continue to receive, or not receive, healthcare treatment

It is often thought that LPAs are something only older people should have, but anyone can lose mental capacity, even at a young age. Those with assets or who run a business are especially at risk of difficulty without an LPA in place.

We offer Lasting Power of Attorney documents as standalone documents or part of a package alongside a Will. If you need any advice on LPAs, please contact Mark on 07973 791801, or Nick on 07786 041908.