WWhat happens if you lose the ability to make decisions and don’t have a Lasting Power of Attorney (LPA) in place? It’s not something we like to think about, but it’s a reality worth considering. Without an LPA, things can get complicated for your loved ones, and here’s why.
Your Family Could Be Locked Out of Your Finances
If you don’t have a Property and Financial Affairs LPA, no one has the legal authority to manage your finances. This means your family could be unable to access your bank accounts, pay bills, or handle your investments. They might need to apply to the court to be appointed as your deputy, which can be expensive and time-consuming.
Healthcare Decisions Become Difficult
Without a Health and Welfare LPA, your family may not have a say in your medical treatment. In some cases, healthcare professionals will make decisions based on what they believe is in your best interest, but this may not align with your wishes. An LPA ensures that someone you trust makes those decisions based on your preferences.
The Court Decides
If you don’t have an LPA, the Court of Protection may appoint a deputy to make decisions for you. This could be someone you don’t know, and they may not fully understand your wishes. An LPA gives you control over who will manage your affairs.
By setting up an LPA, you’re not just protecting your assets—you’re protecting your family from the stress and uncertainty of having to make decisions on your behalf without guidance.
Think of an LPA as putting a plan in place. It ensures that the people you trust are in the driver’s seat if you can’t make decisions yourself.
