Planning Ahead: Why a Lasting Power of Attorney Matters
Life is unpredictable, and while we naturally hope for the best, preparing for the unexpected is crucial. We often focus on things like retirement savings, property, and our estate, but the prospect of losing mental or physical capacity — even temporarily — is something many people overlook.
Preparing for potential incapacity isn’t just about financial protection, but also about ensuring that our wishes are respected when we can’t speak for ourselves. Illness, injury, or the natural effects of ageing can sometimes leave us vulnerable, so having a plan in place to manage both health and financial decisions during such times is incredibly important.
It’s almost like putting a safety net in place — not because we expect to fall, but because if we do, we want to be certain it’s there to catch us, and that it will catch us in the way we would have chosen.
One of the most empowering things you can do is take control of the situation by planning ahead. A Lasting Power of Attorney (LPA) is an essential legal document that allows you to appoint one or more individuals, known as your ‘Attorney(s)’, to make decisions on your behalf if you either authorise them to act whilst you have capacity (this option is only available for your financial LPA) or if you become unable to do so yourself, whether due to illness, injury, or incapacity.
There are two main types of LPAs:
- Property and Financial Affairs LPA – covers decisions relating to your finances, property, and other assets.
- Health and Welfare LPA – covers decisions about your personal health, where you live, medical care, day-to-day activities, and well-being.
Why Preparing a Lasting Power of Attorney is Important
- Control over who makes decisions for you — Without an LPA in place, if you lose mental capacity, decisions about your care or finances could be made by someone that you may not have wanted involved, such as the Local Authority, a family member, or even a friend.
- Peace of mind for you and your loved ones — Having an LPA in place gives both you and your family peace of mind. If something happens and you’re no longer able to make decisions, your appointed Attorney(s) will already be empowered to step in. This reduces stress and uncertainty for your family during a challenging time.
- Prevents delays and possible complications — Without an LPA, your family might have to apply to the Court of Protection for a deputyship order. This process can be lengthy, costly, and stressful. An LPA avoids this situation by giving someone immediate authority to act on your behalf once the document has been registered.
- Flexibility — You can specify exactly what decisions you want your attorney to be able to make. For example, with the Property and Financial Affairs LPA, you can choose whether your attorney can make decisions about your property immediately or only after you’ve lost mental capacity. While this option isn’t available for the Health and Welfare LPA, you can include carefully worded preferences or instructions on matters such as medical treatment, care options, and even life-sustaining treatment decisions.
For further advice and assistance please contact our Wills, Trusts and Probate team on 01604 828282 / 01908 660966 or email [email protected].
Written by Natasha Thorne TEP
Associate Partner, Wills Trusts and Estate Planning at Franklins Solicitors LLP
Specialises in Wills, Inheritance Tax Planning, Lasting Powers of Attorney, Estate Administration, and elderly client matters including Court of Protection and Deputyship.
Natasha Thorne TEP is a Solicitor in the Private Client team at Franklins Solicitors LLP. She joined the firm in 2015 after achieving a First Class Law degree from Canterbury Christ Church University and completing her Legal Practice Course at BPP Cambridge. Natasha qualified in March 2018, following a Training Contract with seats in Corporate, Private Client, and Commercial Property.
Natasha advises on a broad range of Private Client matters, including Wills, Inheritance Tax Planning, Lasting Powers of Attorney, and Estate Administration. She has a particular interest in elderly client work, regularly assisting with Court of Protection applications, Deputyship management, and Care Home contracts. Natasha also works closely with the Property team on Residential Declarations of Trust.
She is a full member of STEP, having completed the STEP Diploma in Trusts and Estates.
Outside of work, Natasha enjoys scuba diving, cycling, and countryside walks with her two miniature Dachshunds, Logan and Noodle.
