Plan ahead, warns Money Saving Expert
23 December 2011
Preparing for the future is important for all of us, with so many things to plan for and consider. Money Saving Expert, founded by Martin Lewis, an award winning TV & radio presenter and regular contributor on Daybreak, takes the opportunity to discuss one of the more important elements - Lasting Powers of Attorney.
Lasting Powers of Attorney (LPAs) allow you to appoint people you trust as your 'attorneys', who can make decisions on your behalf if you become unable to. With one in three of us predicted to die with dementia, LPAs help you to make plans in case the worst does happen. Money Saving Expert reminds us why preparing for the future and arranging LPAs now is so vital:
- "There's no specific age when you should consider making a power of attorney. People can lose capacity at a young age through accidents". It's never too early to arrange an LPA; anyone over 18 can set one up. And in fact, you can only set up an LPA when you have mental capacity. Once you've lost capacity, it's too late.
- "Nominate a trusted friend or relative before you lose capacity." If you lose capacity and haven't registered a power of attorney, your loved ones will need to apply to become a deputy of the Court of Protection before making any decisions or transactions. This process can cost thousands of pounds and be very lengthy.
- "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". Once you've set up your LPA, you carry on making decisions as normal until you either decide you no longer wish to make decisions or you become unable to make decisions. With a health and welfare LPA, decisions are only made on your behalf if you are unable to make them yourself.
- "Registration takes three to four months." Making one now means you can relax, knowing you've taken care of your future.
Speak to the experts
Arranging your LPAs does not have to be difficult or complex. Key offers a full estate planning service, which includes arranging Lasting Powers of Attorney and Will Writing. So why not, contact our expert team FREE on 0808 208 4012 and start preparing for your future today.