A Lasting Power of Attorney (LPA) allows you to decide who you would like to deal with your affairs should anything happen to you whilst you are still alive. There are two different types of LPAs, one is in respect of Property and Financial Affairs and the other is in respect of Health and Welfare.
The process of creating an LPA is under major reform this year, with the OPG launching a 12 week consultation, to prevent fraud and abuse. The process will be made simpler through the use of technology, with a shift moving towards a digital service, which we have already seen through their ‘Use a lasting power of attorney’ service, allowing Attorneys to share details of the LPA online.
The consultation will focus on whether to expand the OPG’s legal authority to carry out further checks such as identification verification to prevent fraud. Further considerations will be on how people can object to an LPA and whether a new urgent service is needed for those that need an LPA granted quickly. The whole process in general is aiming to be simpler and quicker and to put more safeguards in place to prevent any fraudulent activity or misuse of an LPA.
However, people should not wait until this new system is in place before making an LPA as registrations for LPAs are currently taking up to 20 weeks. Also, an LPA can only be made while you still have capacity therefore if you lose capacity, it will be too late to create an LPA and a Deputyship application will need to be made.
It’s important to plan ahead to make sure you are protected legally and that you are prepared for the worst case scenario.
It’s best to start the process of creating your LPA now to get your affairs in order before it’s too late and the choice is taken away from you.
Accidents can happen at all stages of life therefore, we would recommend you create an LPA regardless of how old or young you are.
If this is something you would like to discuss or if you would like to make an LPA please do not hesitate to contact our Private Client team on 01702 662963 (Essex) 020 35537115 (London) or use the contact button below.