Should I Consider a Lasting Power of Attorney?

It’s not easy to think about a time when you may not be able to make your own decisions, but it can help to be prepared. With Dementia Action week from 20th to 26th May we thought it would be a good time to look at lasting powers of attorney (LPA) for personal and financial matters. Of course, it’s not just the elderly who should consider LPAs, anyone could become incapacitated through accident or illness and putting arrangements in place ahead of time gives peace of mind.

A lasting power of attorney (LPA) is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf.

There are 2 types of LPA, and you can choose to make one type or both:

• Health and welfare – this gives your attorney the power to make decisions about things like your daily routine, medical care, moving into a care home and life-sustaining treatment. It can only be used when you’re unable to make your own decisions.
• Property and financial affairs – this gives an attorney the power to make decisions about money and property for you. For example; managing a bank or building society account, paying bills, collecting benefits or a pension and selling your home. It can be used as soon as it’s registered, with your permission.

Making a lasting power of attorney is straight forward and reasonably priced;

• First you choose your attorney (you can have more than one).
• Then you fill in the relevant forms to appoint them as an attorney.
• Finally, you register your LPA with the Office of the Public Guardian (this can take up to 10 weeks).

Get in touch to find out more about LPAs
From our offices in Preston, Lancashire, we can assess your financial circumstances and work with you to structure your assets efficiently and identify the most appropriate way for you to achieve your financial goals.

For specialist financial advice in later life, contact Springfield Financial Services on 01772 729742 or complete our online contact form.