Ask most people about a will and they say, "Yes, I really must get that sorted." Ask most people about an LPA and they will look blankly at you. Explain what it is and it goes into the wills category. Like dying, none of us want to face up to the fact that we just don't know when we might lose the capacity to make decisions for ourselves. Sadly though, an accident or stroke can suddenly leave us incapacitated. Over a million people in the UK now suffer with dementia and in many cases the onset comes on so quickly that there is little or no time to think about legal arrangements. The truth is it will never be the right time in the future, the only right time is now.
Most people believe that, if something happened to them (a stroke, illness, dementia etc), their nearest and dearest could simply take over managing their affairs. The truth is, particularly in today's litigation friendly culture, institutions like banks and hospitals are unwilling to act without the proper authority. An LPA gives those that you decide the authority to make decisions for you if you can't make them yourself. Without that authority in place, assets are often frozen for extended periods whilst a court order is obtained. By the time that happens, the time and expense can have ruined your business and exhausted your loved ones. An LPA is like an insurance policy to avoid all this. You hope you will never need it, but if you ever do, it will have been well worth the small price you had to pay.
There are two types of LPA. One provides for decisions to be made concerning your health and welfare. The other is for property and financial decisions. In each case, you nominate the persons or people (your attorneys) that will make decisions and can give guidance on how decisions should be made. Neither LPA can ever take away your right to make decisions for yourself. So long as you have the capacity to make decisions for yourself, your attorneys can't interfere.
There is nothing to stop you arranging your powers of attorney yourself. If you'd rather have help though, BladeLaw offers assistance with putting both LPAs in place as a package for a fixed fee of £500 + VAT (in addition, you have to pay the government a fee of £110 to register each LPA).
If you are ready to protect your business and your loved ones, or if you have any further questions, give us a call. We won't charge you a penny until you are ready.