We bust some common myths about Lasting Powers of Attorney (LPAs).
Here are some popular myths and misconceptions connected with Lasting Powers of Attorney, or LPAs.
- Lasting Powers of Attorney are only for the elderly
A common misconception is that LPAs are only required by the elderly and are therefore void for younger people.
This is not the case. LPAs can be created by anyone over 18 to give peace of mind regarding the unknown future. The LPA acts as a safeguard, enabling you to name trusted individuals who can make important decisions in relation to your affairs should you ever lose capacity.
- I have next of kin so I dont need an LPA
Although next of kin can assist in health decisions, it is still advisable that an attorney (who has a formal legal duty to act in your best wishes) is appointed. This is to prevent a relative from making decisions regarding your health for their benefit, rather than your own.
It can come as a surprise to people when they discover that a ‘next of kin’ (including spouses) cannot access your financial accounts. A LPA overcomes this issue and enables your attorney (who can be your spouse) to deal with your financial affairs.
- The Attorney will spend all my money
An attorney has a legal duty to act in your best interests. If an attorney does not act in good faith the Office of the Public Guardian (OPG) can be invited to investigate. The OPG can hold an attorney accountable for breaching their duty, which can result in criminal proceedings.
While anybody can be an attorney — provided they are over the age of 18 — it is advised that people are chosen who are considered to be trustworthy. Another option is to appoint one of our solicitors to act as your attorney.
- I don’t have an LPA but will get one when I need it
Setting up Lasting Powers of Attorney can take a little time, so it is not advisable to leave it until the last moment. LPAs must be registered with the Office of the Public Guardian (OPG) before they can be used and this in itself can take up to 16-20 weeks. Furthermore, none of us know what is around the corner, and every one of us is at risk of losing capacity without any warning.
If you have any queries about Lasting Powers of Attorney (LPAs) or would like a fixed fee quote then contact our legal helpline.