Setting up a Lasting Power of Attorney (LPA) is a must in today’s society. But despite this, many people do not have anything in place should the worst happen and they need someone to step in and manage their finances and well being for them.
A Power of Attorney is a document that allows someone you nominate to step in and manage your finances should you not be mentally capable of doing so.
Losing our capacity is not something any of us like to consider a possibility, however it is something that can happen to anyone and we should all be prepared. A few cost effective actions now can save a great deal of time, expense and emotional upset at a later date. As if you lose your capacity without having a LPA in place then your next of kin will have to go down the route of obtaining a guardianship which is a long and very expensive process.
Again, despite this being basic fact many people still make excuses not to put a Power of Attorney in place.
Some of the excuses that I have heard include: