Recently, an increasing number of individuals have reached out to us with concerns about their elderly parents or relatives who find themselves in hospitals or care facilities. The recommendation from social services is to create Lasting Powers of Attorney (LPAs) in order to efficiently care for those elderly relatives. The LPA not only empowers designated individuals to manage the person’s assets but also plays a pivotal role in shaping healthcare decisions. However, what we’ve witnessed too often is the realization coming too late – when parents have already lost capacity, or the lengthy 20-week approval process tragically outpaces their urgent needs.
It’s essential to understand that LPAs aren’t exclusive to the elderly. Life’s unpredictable twists can also impact young adults, rendering them incapacitated due to life-altering injuries. Without an LPA, the outcome could involve a court-appointed deputy, a person unfamiliar to the individual in need.
The repercussions of not having an LPA extend beyond healthcare decisions. Transactions related to property – buying or selling – can grind to a halt when someone loses capacity. Imagine the urgency of needing to sell property to finance a move to a care facility or purchasing an adaptable home. The absence of a designated decision-maker in these scenarios can lead to frustrating delays, adding an extra layer of complexity to an already challenging situation.
A common scenario we encounter involves couples where one partner manages all the finances, holding exclusive control over bank accounts and assets. If that spouse becomes incapacitated, the other is left grappling with financial chaos – unable to access funds, pay bills, or manage ongoing commitments. The emotional toll of watching a loved one’s health deteriorate is compounded by the practical difficulties of navigating day-to-day life without financial access.
It’s not merely paperwork; it’s a lifeline. The LPA serves as a crucial tool to ensure that your wishes are honoured, and your loved ones can seamlessly step in when needed the most. While contemplating these matters may not be the most uplifting task, the foresight to establish an LPA can spare your family unnecessary hardships down the road and give them peace of mind. Do get in touch with us to start securing your family’s future.
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