Posted: Thursday, 16 May 2024 @ 14:41
If you are minded to do a LPA (and fundamentally we do believe that having a LPA is a good idea as you can avoid a
deputyship) you need to take additional steps including:
• Consider your LPA attorneys carefully. You could consider appointing one or
more attorneys to act as a check and balance. The biggest error you can
make is in your choice of attorney. Think if you really want a family member
or not. Contrary to what most people might believe, a family member may
not always be the best attorney for you. You may want to appoint a
professional attorney too.
• If you do decide to appoint a relative, speak to them about it prior to
drawing up the paperwork. Are they aware of the time commitment?
• Consider providing workable stipulations within your LPA but ensure they
are practical and legal and not too time consuming. For example – providing
bills and accounts to a third person, having yearly audits, or consulting a
third party for big financial decisions such as selling your home to pay for
care, so they are involved in the decision-making process.
• Make sure your affairs are in order to make it as easy as possible for your
attorneys. E.g. Setting up standing orders for your bills for example –
anything that will simplify your attorney’s job. Put yourself in their shoes:
will they know who you bank with, how you pay for your utilities, and what
benefits you receive for example?
• Keep your plans current – Make sure you keep your LPAs and your Wills are
updated if your circumstances change. Your choices around the people you
want to be responsible for your finances and wellbeing may change as time
moves. Maintain a record of your online passwords which people can
access.
• Seek professional advice where necessary – Shop-bought and online LPA
kits may be suitable for those with very straightforward financial situations
or with considerable legal experience. However professional legal advice can
be a cost worth paying.
• Bullet Proof Your Will. Ensure that your wills are legally compliant. The goal
is to provide a way to ensure that your loved one can have his or her affairs
managed by trusted others in a practical way but also some controls are put
in place. Consider communicating what you plan to do to your beneficiaries.