Will writing and estate planning specialists based in Worthing, West Sussex.  Passionate about changing the stigma that Wills, Trusts and LPA’s are only for the elderly by creating awareness to parents across the UK and helping them protect and plan for their families future.

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Jon Davis

Life is unpredictable, and safeguarding your future should be a priority. While creating a will is a significant step towards securing your legacy, it's equally essential to plan for unforeseen circumstances that could render you incapable of making decisions for yourself. This is where a Lasting Power of Attorney (LPA) comes into play. In this article, we delve into the often overlooked realm of the true costs of incapacity when you don't have a Lasting Power of Attorney in place. Understanding Lasting Power of Attorney (LPA) A Lasting Power of Attorney (LPA) is a legal document that grants someone you trust the authority to make decisions on your behalf should you become incapacitated due to physical or mental health issues. Without an LPA, your loved ones may find themselves facing significant challenges and financial burdens while trying to manage your affairs. Financial Costs Legal Proceedings: Without an LPA, your loved ones might have to go through the time-consuming and expensive process of applying to the court for a Deputyship Order. This legal procedure involves court fees, which can quickly accumulate, especially if disputes arise among family members and can easily and often be in the region of around £3000 each. Loss of Assets: The lack of an LPA can lead to a delay in managing your assets, such as selling a property to cover care costs. The longer it takes to gain control, the higher the risk of financial loss due to missed opportunities or market fluctuations. Care Expenses: In case of incapacity, your family might need to make decisions about your care and accommodations. Without an LPA, they may not be able to access your funds efficiently, leading to delays in getting you the appropriate care. Emotional Costs Family Conflicts: The absence of an LPA could give rise to disagreements among family members about who should make decisions on your behalf. These conflicts can strain relationships and cause emotional distress during an already challenging time. Lack of Control: Incapacity without an LPA means relinquishing control over important decisions affecting your life. This can lead to feelings of helplessness and frustration, impacting your mental well-being. Practical Costs Time-Consuming Process: Applying for a Deputyship Order can be a lengthy process, often taking several months. During this time, critical decisions may be put on hold, leading to missed opportunities and added stress for your loved ones. Complexity and Uncertainty: Navigating the legalities of managing your affairs without an LPA can be overwhelming for your family. The uncertainty of the process can compound the stress they're already facing. Incapacity is a reality that many of us might face at some point in our lives. While the financial, emotional, and practical costs of not having a Lasting Power of Attorney can be significant, the remedy is simple: take proactive steps now to safeguard your future and the well-being of your loved ones.&nbsp; By creating an LPA, you're not only ensuring that your wishes are respected but also providing your family with the tools they need to navigate challenging times with confidence and clarity. Remember, the true cost of incapacity without an LPA goes beyond monetary figures – it's a matter of ensuring your dignity, autonomy, and the harmony of your family during life's most trying moments.<blockquote>Incapacity can happen to anyone at anytime, it’s not something we ever really think about, let alone talk about, as let’s face it, it scares us. This stigma around this needs to change as the results of ignoring it are a lot more frightening.</blockquote>

The Hidden Price of Incapacity & the True Costs Of Not Having a Lasting Power of Attorney

Will writing and estate planning specialists based in Worthing, West Sussex. Passionate about changing the stigma that Wills, Trusts and LPA’s are only for the elderly by creating awareness to parents across the UK and helping them protect and plan for their families future.

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