A Financial or Welfare Lasting Power of Attorney allows an appointed person to control your affairs when it is difficult for you to do so or if mentally you are unable to do so yourself.
We all hope however that we will retain our physical and mental abilities throughout our lives and will not need assistance. Unfortunately, for many people, this is not the case. Disability can strike at any time, and this can be very sudden, for example through a stroke or a heart attack. We can suddenly be left unable to look after our financial and legal affairs and this is where the concept of a Power of Attorney can help greatly.
If you do not have an LPA in place and you lose capacity, your family will need to apply to the Court of Protection to be appointed as a ‘Deputy’ if any decisions need to be made on your behalf. A Deputy is a court-appointed attorney. An application for a Deputy to be appointed after a person is deemed incapacitated can cost several thousand pounds in solicitors’ fees. Securing an LPA in advance can save many of these costs.
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