My Personal Journey to Getting My LPA Sorted – And Why You Should Too!

As a financial adviser, I spend my days helping clients plan for their future. Yet even I'm guilty of letting crucial personal tasks linger on the "to-do" list. This week, I'm genuinely pleased to share that I've finally moved my own Lasting Power of Attorney (LPA) from the "should do" column to the "DONE" column! 

 

It's one of those essential pieces of planning that often gets overlooked, and I truly believe it should be a top priority for everyone. 

 

You're certainly not alone if you haven't got yours in place. The statistics are stark: research suggests a significant majority of Brits (around 78%) don't have an LPA. But the potential consequences of not having one can be devastating for your loved ones. 

 

What is an LPA and why is it so vital? 

An LPA allows you to appoint trusted individuals (your 'attorneys') to make decisions on your behalf if you ever lose the mental capacity to do so yourself. There are two main types: 

1. Property and Financial Affairs LPA: Covers managing bank accounts, paying bills, selling property, and making investment decisions. 

2. Health and Welfare LPA: Covers decisions about your daily care, medical treatment, and where you live. 

Without an LPA, if you become incapacitated (whether through illness, accident, or the natural ageing process like rapid-onset dementia), your family has no legal power to access your finances or make crucial health decisions. They would have to apply to the Court of Protection, a lengthy, costly, and often distressing process. 

 

The critical point is that an LPA must be made while you are still of sound mind and actively involved in choosing your attorneys – individuals you trust implicitly to look after your best interests and those of your family. You can appoint multiple people, often family members like adult children or siblings. If family dynamics are a concern, or you have no close family, a professional like a solicitor can also be nominated. 

I'm incredibly relieved to have this in place for my own family, and it reinforces my commitment to recommending this as a top priority for all my clients. It's not about getting older; it's about providing peace of mind and protection for those you care about most. 

 

Have you considered your LPA? I always advise speaking with a legal professional for tailored advice. I've had an excellent experience working with a local solicitor here in Tunbridge Wells and would be happy to share my insights on the process. 

 

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