One person in the UK develops dementia every three minutes. Yet don't
assume relatives can just walk into a bank and access your money, even if it is
to pay for your care.
Unless you've
a Power of Attorney already, loved ones need to apply through court,
which can be long and costly. This guide shows you how to sort it in advance.
What is Lasting Power of Attorney (LPA)?
Thinking and
talking about what would happen if our faculties deserted us is uncomfortable.
Yet it's important to consider how much worse the situation would be if you had
a stroke, serious accident or dementia (e.g., Alzheimer's) without sorting it
first.
If someone
has difficulties that mean they can't make decisions anymore, they will need
help managing their finances.
Lasting
Power of Attorney (LPA) is a legal document where someone (while they still
have mental capacity) nominates a trusted friend or relative to look after
their affairs if they lost capacity. The key point to remember ...
Don't think
you suddenly give up control. You can choose whether it can be used either
before, or only when, you lose mental capacity.
Your
representative should only ever make a choice for you if you're unable to make
that specific decision at the time it needs to be made. For example, if you
fall into a coma, your representative would start looking after your affairs.
Yet if you wake from the coma, you should be able to make your own decisions
again.
It's worth
noting LPAs replaced the previous Enduring Power of Attorney (EPA) system. EPAs
set up before 1 October 2007 will still be valid, whether or not they have been
registered, though they must be registered when the person loses capacity,
which costs £110. For more, see the Government's EPA info.
