LPAs in Lockdown: A practical protection
With the further easing of lockdown restrictions this week, the nation begins its return to a new form of normality. In the wake of the Coronavirus Pandemic, the World will undoubtedly be asking itself: “What could we have done to be more prepared”?
For those individuals that have been shielding throughout the lockdown such as the elderly, those with underlying medical conditions and those in residential communities and homes for older people, there is a simple step which you can take to protect yourself in the event of future crises.
A Lasting Power of Attorney (LPA) would allow you to choose people that you trust to manage your affairs and make decisions for you if you were unable to make them for yourself. Most people consider these documents to be effective when loved ones lose what is known as “mental capacity”. However, there is a more practical side to the Lasting Power of Attorney for finances.
The financial Lasting Power of Attorney (LPA) can be used even while you still have your mental faculties. With your consent, your loved ones are able to pay bills for you, do your shopping, visit the bank and move your money around on your behalf. That means that if you are shielding at home during a lockdown, or if you are simply away on holiday or have a stay in hospital, your trusted Attorneys can continue to manage your finances for you.
Lasting Powers of Attorney (LPA) do not run out: they last throughout your lifetime and do not need to be renewed. This is the best form of protection for you, your Attorney and your finances. You should NEVER pass over your bank card and number as this is not secure and your loved one could end up getting in trouble for using it in this way.
An LPA must be made while you have mental capacity and can understand it fully. As none of us know what may be around the corner, it is best not to delay in starting this process. The documents have to be registered before they can be used, and this process can take around 3 months. It is therefore important to get these affairs in order sooner rather than later.
Don’t get caught short…talk to Tollers Elderly and Vulnerable Client team on 01604 258787 to request a factsheet, discuss your requirements further or visit our website: https://www.tollers.co.uk/elderly-and-vulnerable-clients/lasting-power-of-attorney/ for more information.