Never Thought I Needed Help Before
Never thought I needed help before
Recent figures show an increase in people applying for Lasting Power of Attorneys (LPAs) and this would lead us to believe there is a greater awareness of later life planning *. However dig deeper into research and there is still a huge misunderstanding as to who can look after a person’s property & financial and/or health & welfare requirement when they no longer have the capacity to do so for themselves.
The most common misconception is that a close family member can simply assume control of a person’s affairs when the time comes. Not only is this not true but the process to gain control after a person has lost capacity is lengthy and costly. Applications through the Court of Protection can take several months.
So what is the best option for later life planning? If like the Elvis Presley son Help me, unlucky “never thought you needed help before” it can be hard to think to a time when you really might need someone to help make decisions for you. Realistically deciding early who you wish to look after your affairs if you can no longer do so gives you greater peace of mind. The reassurance of creating your LPAs is you aren’t handing over control until you are ready or need too.
With the LPA for Property & Financial Affairs you can stipulate when the LPA comes into force, so you could have your attorney act on you behalf whilst you still have capacity, for instance for banking or investments or not until the need arises. Knowing that joint accounts and sole finances can be effectively managed and your family will not be placed in difficulty if anything happens to you is something you cannot place a value on.
Confidence in your own wellbeing is catered for with the LPA for Health & Welfare – this only comes into action when you no longer have the ability to act for yourself.
If you still have questions, Speak to Langham Wills Ltd, your Will Writer & Estate Planning service provider for more information. Call us on 01473 487611 or email email@example.com