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Lasting powers of attorney are for everyone, not just the elderly
It is a commonly held belief that powers of attorney are only necessary for those who are elderly or at high risk of losing capacity (such as those with a genetic predisposition toward dementia). This is not the case. Haroon Qayum, a partner in our personal law team explains why even fit, healthy and young people can and should have a lasting power of attorney in place.
What is a lasting power of attorney?
Lasting powers of attorney (LPAs) are a document by which a person can nominate another person or several people to manage their affairs should they no longer have the capacity to do so. There are two main types, which you can read more about in our article on LPAs.
Why do young people need a lasting power of attorney?
In the modern day it is increasingly common for couples and spouses to have separate finances which only the individual who has control of the account can access.
Many people also hold the incorrect belief that should something happen to them, leaving them unable to make decisions, their spouse or family will have an automatic right to access these accounts to help cover bills, pay the mortgage, or cover the cost of care. No such right exists and not preparing for this eventuality can cause many issues for people of all ages who have not nominated an attorney.
If something should happen to you affecting your capacity and you have not nominated someone as your attorney, your spouse or loved ones may have to pursue the Court of Protection route, which takes much longer and is more expensive than an LPA application.
Most couples consider creating their first will after purchasing their first property. In the modern era, LPAs should also be considered.
Martin Lewis, the ‘Money Saving Expert’ has spoken at length on this topic and he recommends that everyone in a position to do so should look into creating a Power of Attorney. See his video on the topic here.
What can we do to help?
The personal law team advises on all aspects of the full range of personal law issues for individuals and families. This includes preparing Powers of Attorney, assisting with deputyship applications, drafting trust documents, drafting wills, inheritance tax planning and assisting with probate.
If you are thinking about creating a Power of Attorney or require any advice on any other personal law issues, please contact either Haroon Qayum on 01423 851 139 or ku.oc1714213657.fcl@1714213657muyaq1714213657.noor1714213657ah1714213657 or Ann Christian on 01943 885 782 or ku.oc1714213657.fcl@1714213657naits1714213657irhca1714213657 for more details.