16th April 2018
No one knows what the future holds but one thing is for certain, as a nation we are all living longer.
The Office of National Statistics found:
So, it’s clear:
In recent years, mental health has become the focus of many news headlines.
One of the biggest concerns amongst individuals is dementia, which although can occur in young people, tends to affect the elderly. Dementia is a syndrome used to describe the deterioration of brain functioning, which ultimately affect a person’s ability to perform everyday tasks and to also think, feel, behave and speak. Alzheimer’s and vascular dementia account for most dementia cases.
The Alzheimer’s Society found:
It is now more important than ever to put your affairs in order whilst you have the capacity to do so.
If you think it is important to have a Will to specify how you would like your estate to be divided on your death, of equal importance (and maybe more as you are still alive) is putting in place Lasting Powers of Attorney.
More than 2 million Lasting Power of Attorney registrations were filed with the Office of the Public Guardian by the end of 2016, with the number of appointments more than trebling between 2010 and 2015. Some people do have the previous ‘old’ style Enduring Powers of Attorney, which are still effective, if correctly prepared, but there are still a large number of individuals who do not have Lasting Powers of Attorney.
So, what are Lasting Powers of Attorney?
Lasting Powers of Attorney enable you to choose the people you trust (‘your Attorneys’) to make decisions and to take action on your behalf during your lifetime in connection with your:-
What if I do not have Lasting Powers of Attorney?
If you do not make Lasting Powers of Attorney and you then lose mental capacity to make decisions regarding your finances or personal welfare, no-one will automatically be able to make decisions for you, not even your close family, such as your spouse or children.
Family or friends will need to apply to the Court of Protection for a court order appointing themselves your Deputy and allowing them to act and make decisions for you. If no one is willing to be your Deputy, the local authority may be appointed or the Court may appoint a professional Deputy.
However, this procedure is not for the faint hearted. The process is not only costly and time-consuming with ongoing administration and cost burdens, but the powers given to a Deputy are usually more restricted than that of an Attorney.
In addition, for Health and Welfare Deputyships, due to the type of decisions involved the Court of Protection are reluctant to grant these and only do so in very rare cases.
Take control and organise your affairs so that those close to you can step in and make the decisions for you when you cannot with minimal stress and cost. In short, make a Lasting Powers of Attorney so:
By doing so will ensure you have the peace of mind that if you do suffer from any diseases, illnesses or medical conditions in the future which restrict you from making those everyday decisions, then you will have your affairs in order for your loved ones to step in and take care of matters when needed.
If you would like further information about Lasting Powers of Attorney, please contact either Julie Man on 01932 590643 or Kerry Sawyer on 01932 590664 both in our award winning Private Wealth team recently recognised as ‘Private Client Law Firm of the Year in England’ in the 8th Annual Global Law Experts Awards.
The contents of this update are intended as guidance for readers. It can be no substitute for specific advice. Consequently we cannot accept responsibility for this information, errors or matters affected by subsequent changes in the law, or the content of any website referred to in this update. © Mundays LLP 2018.
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