It can be uncomfortable to think about what would happen with our decision-making powers if we suddenly lost our own faculties. Whether because of dementia, a stroke or an accident, the reality is that many things can happen that mean we need help from the right people.
If you are suddenly unable to make a decision for yourself, legally you will need help to manage your finances and affairs. This is where a lasting power of attorney comes in.
What is a lasting power of attorney?
A lasting power of attorney is a legal arrangement set in place by a document. An individual nominates a relative or trusted friend to look after their finances and affairs if they later lose the capacity to do this themselves.
Can anyone have a lasting power of attorney?
Any adult can have one. However, the key thing is that the lasting power of attorney must have been set up and approved while the individual was in full control of their mental faculties. If you already have dementia or are mentally compromised for any other reason, the law will not allow you to put a lasting power of attorney in place. This is to prevent situations where abuse of power might occur.
Do I need a lasting power of attorney?
The key takeaway is that it is valuable to put one in place if you are an adult with the capacity to do so, as it will give you peace of mind if the worst should happen. But how can you get one?
What is the process of applying for a lasting power of attorney?
You can apply for a power of attorney online either directly via the government website or via a legal service such as https://powerofattorneyonline.co.uk/.
The process is fairly complex and requires stages of documentation, evidence and third-party signatories. Once submitted, it is approved and lodged with the government’s department of LPAs for ongoing safekeeping.
If you don’t have an LPA in place yet, why not do one now to cover all the bases?