The Importance of a Lasting Power of Attorney

Many of you may have seen Martin Lewis (founder of MoneySavingExpert.com) recently highlight the importance of setting up a Power of Attorney on ITV’s The Martin Lewis Money Show Live.

At RJM Solicitors, we believe a Lasting Power of Attorney (LPA) is one of the most important steps you can take to protect your future and give peace of mind to your loved ones. Below, we outline the key benefits:

1. Appoint someone you trust

One of the biggest advantages of making an LPA is that you decide who will make decisions for you if you can’t do so yourself. Choosing someone you trust ensures your best interests are always protected and provides reassurance for your loved ones too.

Your chosen attorney must be over 18, not bankrupt, and willing to take on the responsibility. Without an LPA, the courts may need to decide who should act on your behalf, which can be stressful and time-consuming.

2. Access to your money when needed

Without an LPA, your loved ones may be left powerless to access your bank accounts or manage your finances. An LPA for Property and Financial Affairs ensures that bills can be paid, and larger decisions—such as selling your home—can be managed without unnecessary legal delays.

3. Ensure your healthcare wishes are respected

An LPA for Health and Welfare allows your chosen attorney to make decisions about your medical treatment and care if you’re unable to do so. This ensures your wishes are respected and reduces the burden on family members during difficult times.

4. Manage your affairs while living abroad

If you spend extended periods overseas, an LPA ensures that someone in the UK can deal with your property, bills, or other financial matters on your behalf.

5. Protection against fraud

By appointing someone you trust, you safeguard yourself from the risk of financial exploitation or fraud at a vulnerable time in your life.

6. Leave clear instructions

An LPA gives you the chance to set out specific guidance, such as preferred care arrangements, ethical investment choices, or support for family expenses. This ensures that your attorney has a clear understanding of your priorities.

What Powers Does an Attorney Have?

There are two types of LPA, and each grants different powers to your chosen attorney:

1. LPA for Property and Financial Affairs

Your attorney can:

• Access your bank accounts and manage bills.

• Collect benefits, pensions, or income on your behalf.

• Manage investments, savings, and other assets.

• Buy, sell, or maintain your home.

• Make larger financial decisions, always in your best interests.

2. LPA for Health and Welfare

Your attorney can:

• Decide where you should live and the type of care you receive.

• Make decisions about your day-to-day wellbeing (e.g. diet, routine, social activities).

• Consent to or refuse life-sustaining treatment, if you have given them that authority.

• Work with medical professionals to ensure your treatment reflects your wishes and best interests.

What Happens if You Don’t Have an Lasting Power of Attorney?

If you lose mental capacity without an LPA, your loved ones must apply for a Deputyship Order through the Court of Protection. This process is lengthy, costly, and more restrictive than an LPA.

Anyone—including the local authority—can apply to become your deputy. The Court supervises deputies, charges fees, and may require additional costly orders to carry out certain actions (e.g. selling your home). These costs are paid from your assets.

An LPA is more than just a legal formality, it’s a safeguard for your wellbeing, finances, and peace of mind.

If you have any questions or concerns regarding Lasting Power of Attorney, don’t hesitate to contact us. Call us today on 01685 37 37 21 or book an appointment online.