Herald - Issue 448

v THE HERALD - Your Community Magazine v 26th October 2023 • The HERALD • Page 59 ASK A PROFESSIONAL THE IMPORTANCE OF LASTING POWERS OF ATTORNEY (LPA) by Kelly Dawkins, Wills and Probate Executive at TMT Legal Services Most people have heard of a Lasting Power of Attorney but there are misconceptions around when and who they can be put in place for. Kelly Dawkins, Wills and Probate Executive at TMT Legal Services, explains these misconceptions and the benefits of having an LPA in place at the earliest opportunity. The misconceptions ere are many misconceptions about the use of LPAs but the two most common are that people incorrectly believe they lose access to their nancial accounts once the LPA is registered and that an LPA can be created at any time during a person’s lifetime, not realising that it cannot be done once mental capacity has been lost. ere are two di erent types of LPA. Under the LPA for Property & Financial A airs, while you can make your own decisions, you can ask your attorneys to assist you with your nancial matters, for example, signing documents for you or going into the bank on your behalf. With an LPA for Health & Welfare, your attorneys would only be able to act if you were unable to make decisions yourself. e decisions could be things such as your daily routine for example washing, dressing and eating, medical care and where you live. If you lose mental capacity to make your own decisions without an LPA in place, your loved ones will have to apply for a Deputyship Order from the Court of Protection. It is a signi cantly more costly and complicated application than make these crucial decisions. ink of LPAs as if they were an insurance policy, just like home or motor insurance. Once you have made LPAs and the documents have been registered, you can simply le them away and enjoy the peace of mind that comes with knowing that if anything should happen, they are in place to make things easier. A er all, we look a er our cars, homes and travel in case the ‘worst’ should happen, so why not our ability to make decisions? To nd out more and to see what is right for you, please get in touch with us on: 0333 188 4758 or email: enquiry@ tmtlegalservices.co.uk making LPAs. The benefits An LPA gives you peace of mind that someone you know, and importantly trust, oversees your a airs. If you lose mental capacity without an LPA, it can cost your family time and thousands of pounds to be given permission to handle your a airs. If you are the primary earner and you became incapacitated it is likely that your family or friends would need urgent access to your bank accounts to ensure essential bills continue to be paid. An LPA protects your loved ones from entering a legal limbo where they cannot Kelly Dawkins, Wills and Probate Executive at TMT Legal Services