Our legal team have been considering the experiences of many clients who request support to obtain Deputyship over their loved ones property and financial affairs. Often they say that they wished they had acted sooner, and made the appropriate arrangements prior to the loss of mental capacity.
However, when asking the said client whether they would like to protect their own property and financial affairs, through the use of a Lasting Powers of Attorney (LPA), we are often greeted with the words “no, it’s ok, I’ll organise it when I need it”.
This raises the same questions as to why people do not wish to make Wills. Is it because people believe that once they sign the Will they are going to die immediately after? In this instance lose mental capacity? It is highly unlikely in both instances.
The problem is the “when I need it” phrase. When the LPA is required it is too late to sign the document leading to the need for a Deputyship application. Many people believe loss of mental capacity is a slow process but this is not always the case e.g. a brain aneurysm. The purpose of the LPA is to cover “the what if?” situations which may occur in life.
By making plans to compile an LPA and register the document, it ensures that during a stressful time for friends and family they do not have to jump through legal hoops to assist the person who has lost mental capacity. The document is ready to be used, no delay, less costs overall, and a cheaper court fee. From the perspective of the client who makes the LPA they are safe in the knowledge that the person they wish to look after their affairs can do so.
Below we have enclosed a table demonstrating the benefits of registering a Lasting Power of Attorney as opposed to relying on a Deputyship Order.
|Lasting Powers of Attorney||Court of Protection Deputyship|
If you wish to develop your skills to support your clients through their Estate Planning needs, our next 1 day Estate Planning training course is scheduled to take place on
Wednesday 30th March.
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