For MoneyWeek - Super quick quote needed on LPAs

Lots of people like the idea of a loved one managing their health and wealth if they lose capacity, but leaving until you’re unwell could potentially mean you lose the ability to set one up. You need legal capacity to arrange an LPA so it’s best to do it now.

“A financial LPA gives you control while you still have capacity.”
“Setting up a financial lasting power of attorney (LPA) before cognitive decline is vital. It allows someone you trust to step in and manage your finances if you become unable to — paying bills, managing investments, and protecting assets — without the long, expensive process of applying to the Court of Protection. Without an LPA, loved ones can face months of delay and significant stress. But choosing the right attorney is equally important: they will have access to your money, property and accounts, so appointing the wrong person can lead to financial abuse or poor decision-making that can’t easily be undone. It should always be someone financially capable, responsible, and who fully understands your values and wishes. A well-chosen attorney can protect your future — the wrong one can destroy it.”

If you lose capacity without an LPA in place, your finances fall under the Court of Protection. Your family can’t simply step in. They have to apply to become a deputy, which takes months and costs far more than setting up an LPA early. In that time, bills can go unpaid and everyday admin gets frozen. The main risk is choosing the wrong person. you need someone who’s financially steady and will always act in your best interests. The other risk is waiting too long. If your capacity is questioned, the whole thing becomes more complex. Setting it up early keeps you in control and avoids all the stress later.

Financial LPAs are vital to everyone regardless of age. Whilst we think of our grandparents losing capacity from Alzheimer's or Dementia, the reality is we can all fall victim to illness or accident at any time. And, should we be in the middle of moving house, or selling a business, and we lose capacity then, without a financial LPA in place, both ourselves and our family could find that house move or business sale unravelling at the worst possible time. As I learnt in my Cubs' day - Be Prepared - and ensure you have your LPAs in place sooner rather than later.

Clear, early preparation helps families avoid uncertainty and ensures a client’s financial wishes are carried out with accuracy and respect. Establishing a Lasting Power of Attorney allows a trusted individual to manage a person’s money, property, and financial decisions if they become unable to do so. Crucially, an LPA can only be arranged while the Donor has mental capacity; otherwise, loved ones may face a lengthy and costly deputyship process to assume responsibility for their affairs.

A financial LPA is about timing. You must put it in place before capacity is in doubt; once cognitive decline sets in, you may no longer be deemed able to grant one. Without an LPA, no one, not even a spouse or adult child – has an automatic right to manage your bank accounts, investments or property. Family would have to apply to the Court of Protection for deputyship, which is slow, costly and bureaucratic, and there is no guarantee anyone will be willing or approved to act, particularly if you are widowed or relationships are strained. Risks involve appointing the wrong person: a poorly chosen or unsupervised attorney can misuse funds or make decisions you would not have wanted. Careful choice of attorney, good record-keeping, and, where appropriate, appointing more than one attorney can reduce that risk.