LPA’s
Many of us believe that a Lasting Power of Attorney is something that is only needed when we are old and infirm…
However, thousands of people every year get caught out by not having them.
When a loved one falls seriously ill, the financial repercussions can be almost as great as the medical ones, as Good Morning Britain presenter Kate Garraway discovered when husband Derek Draper fell into a coma after catching Covid-19.
The couple’s car, insurance, credit cards and several bank accounts were solely in Derek’s name, which left Kate unable to access the money or refinance their mortgage.
Every year, thousands of families find themselves in a similar position, because once banks discover a customer has lost mental capacity, they instantly freeze their accounts, even if it means locking loved ones out.
A staggering 73% of people believe if a couple have a joint bank account and one person can’t make decisions for themselves, their partner can legally make decisions for them both.
An LPA will however give you consent to access joint funds to pay and monitor financial aspects of a joint account.
And 72% think your next of kin always gets the final say in treatment decisions at hospital, if you can’t make them yourself.
Medical decisions need to be specific, agreed consent of the person involved, before a next of kin can make treatment or welfare choices on someone else’s behalf.
None of us know when ill health or an accident may affect our ability to make or want to make decisions. We can advise and draft these for you the same day so that if anything happens to your loved ones you’re not caught out.
If a loved one has lost their mental capacity all is not lost, we can advise and guide you through the process of applying for a deputyship.
These however are timely, expensive and restrictive. If you can its easier and cheaper to get your LPAs sorted sooner rather than later.
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What our customers are saying
FAQ’s
Here’s a small selection of the recent things as Estate Planners we’ve been asked about.
I don’t need a will my family can sort it out can’t they?
Well yes they can, however, dying intestate which is the legal term for not having a Will and the laws that surround this are more complex.
And you have no say in who will inherit your estate, that no matter what you have to leave whether it be a house, a car, jewellery or money, do you really want the State to decide who gets what. It’s a sure fire way to cause a family disagreement when no one knows who you wanted to have items of sentimental value.
There is also a more important reason if you have children and don’t appoint Guardians, then the Courts will decide who brings them up. That doesn’t guarantee it will be who you would have chosen and until a court appointed guardian is in place, they could well be in Local Authority Care.
We are thinking of putting the house in our children’s name.
In an ideal world this seems such a simple thing to do. The reality is very different.
If your house is owned by your children, this means it’s their asset and you are no longer the owners.
Which means should they divorce it will be used in the financial settlement award to the other spouse. If they get into debt it will be used as an asset to settle this. If they like, they can re-mortgage or secure finance against it.
They can sell your home without any consent from you, leaving you without the roof that you worked hard to put over your heads.
It will all go to my Partner won’t it?
Well, unfortunately unless you own your property and bank accounts as Joint owners then this may not happen as English Law doesn’t recognise “Common Law” no matter how long you have been together. They only way that you can guarantee they will get what you want them to have is by writing a Will.
I made a Will leaving something to my children before I got married.
In an age where blended families are common, many people are surprised that the act of Marriage invalidates your will, so even if you made one previous to your wedding then you will die intestate. That means that the law leaves the first £270,000 and half of everything else to your new Spouse. Also, once someone has inherited, its theirs to do with as they please and a surprisingly high number of step children are either accidentally or deliberately disinherited.
We aren’t old enough for LPAs or a Will.
None of us like to think there will be a time when we can’t manage without help, whether that be someone doing your shopping or paying your bills. Or even worse who will look after your loved ones when you can’t.
Unfortunately, dozens of people in their 40’s are being diagnosed with dementia, some as young as 23.
That’s without the effects that Viruses like CV19 can cause leading to long term care needs.
Also, accidents happen and none of us have a crystal ball to foresee what’s around the corner.