1. Choice. You choose who will manage your finances and welfare should you become incapable to do so yourself. If you do not have a LPA the Court of Protection will intervene and manage your affairs for you.
  2.  

  3. Save money in the long term. Without a LPA the Court of Protection will be responsible for managing your finances if you are incapable. This will involve legal fees, running into thousands, if not tens of thousands of pounds.
  4.  

  5. Peace of mind. People you trust will be allowed to manage your financial affairs on your behalf when the need arises, rather than an unknown lawyer at the Court of Protection
  6.  

  7. Save distress to your family. Without a Lasting Power of Attorney in place, your loved ones will find it very difficult to manage your financial affairs for you, as they will not have legal authority to do so.
  8.  

  9. Prevent financial hardship to your family. Joint bank or building society accounts can be frozen if ONE of the account holders lacks mental capacity and there is not a registered LPA in place. This can result in severe financial hardship for a spouse/partner as they would not be able to access the money in the account(s).

“We all know how important it is to plan for the future. Having a Lasting Power of Attorney (LPA)…in place should be as common and natural as making a Will. It ensures that a person of your choosing will be able to manage your affairs should you lose capacity, be it as a result of dementia, mental illness or an accident.”
Jack Straw, former Lord Chancellor and Secretary of State for Justice

How to make your Lasting Power of Attorney