Scams, frauds, and financial abuse can affect anyone, but elderly people are particularly vulnerable. A lasting power of attorney can put protection in place if you reach a point at which you are unable to handle financial and healthcare decisions, but this is a procedure that is easy to put off.
When you are feeling fit and well, there seems to be no urgency to worry about how you will manage if your physical or mental health fails; however, this short-sighted approach means that when an LPA is most needed, it is already too late.
What is an LPA?
There are two kinds of LPAs. The first covers finance and property, appointing a trusted person or people to act in financial matters such as bank accounts, investments, and selling property. The second covers health and welfare, such as medical decisions.
A valid LPA must be in the prescribed form, duly executed, and registered with the Office of the Public Guardian. There are a number of ways to set one up, including through companies such as Power Of Attorney Online.
When is it too late?
Whether you are assigning power of attorney online or through a solicitor, you must have the mental capacity to understand the process.
Whether it is too late, as mental capacity has already declined, can be tricky to determine. According to the Office of the Public Guardian’s guidelines, mental capacity is the ability to make a specific decision at the time it needs to be made.
Before granting an LPA, it needs to be assessed whether the individual understands the nature and consequences of their decision, can retain and understand the information needed to make the decision, and has the ability to communicate the decision.
Capability can fluctuate, and it may be possible for the individual to make some decisions and not others.
There can be circumstances when it is too late to register an LPA. As an LPA is not activated until it is needed, it is never too early to set one up.