GREGORY ABRAMS DAVIDSON SOLICITORS
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Why Lasting Power of Attorney Is More Important Than Ever
We recently supported comments made by personal finance expert Martin Lewis about the growing importance of Lasting Power of Attorney and the need for families to plan ahead before problems arise.
Our position was featured in Liverpool Business News Daily’s article on the importance of Lasting Power of Attorney, where we highlighted the risks families face when proper arrangements are not in place.
Martin Lewis, founder of Money Saving Expert, has spoken about how having a Lasting Power of Attorney can be just as important, and in some cases more important, than having a will. He warned that without an LPA, families may face serious legal and financial challenges if a loved one loses the ability to make decisions.
We strongly support this message and encourage individuals of all ages to consider putting a Lasting Power of Attorney in place as part of their wider planning.
What Is a Lasting Power of Attorney?
A Lasting Power of Attorney is a legal document that allows you to appoint trusted people to make decisions on your behalf if you lose mental capacity.
There are two types of Lasting Power of Attorney.
- Property and Financial Affairs LPA
This covers decisions about money, bank accounts, property, pensions, and investments.
- Health and Welfare LPA
This covers decisions about medical care, treatment, and everyday wellbeing.
Having both types in place ensures that decisions can be made smoothly if you are no longer able to act for yourself.
The Risks of Not Having an LPA
Without a Lasting Power of Attorney, families may find themselves unable to access bank accounts or manage essential financial matters such as paying a mortgage or covering household bills.
As highlighted in national discussions led by Martin Lewis, families who do not have an LPA in place may need to apply to the Court of Protection in order to gain control over financial affairs. This process can take months and may involve significant legal costs, adding pressure at an already difficult time.
In many cases, assets can effectively become frozen until the court process is completed, leaving families with very limited options.
Our Perspective
At Gregory Abrams Davidson, we regularly see the impact that a lack of planning can have on families.
Our Head of Private Client, Ian Sturgess, often advises clients that although it can feel uncomfortable to think about losing capacity, situations like this happen every day. Illness, injury, or age related conditions can arise without warning, and without an LPA in place, families can face delays and uncertainty at the worst possible moment.
Putting a Lasting Power of Attorney in place is usually a straightforward process and provides reassurance that, if the unexpected happens, trusted individuals are able to step in immediately and act in your best interests.
We support the call for greater public awareness and believe more people should take proactive steps to protect themselves and their families.
A Simple Step That Makes a Big Difference
While it is possible to apply for a Lasting Power of Attorney yourself through official government services, professional advice can help ensure the document is completed correctly and reflects your individual circumstances.
Our Private Client team regularly advises clients on Lasting Powers of Attorney, trusts, Court of Protection matters, deputyship, probate, and estate administration.
Taking action now can help avoid unnecessary complications in the future. It provides clarity, protects your interests, and gives your loved ones confidence that they can act when it matters most.
Speak to Us
To get in touch with Ian and his team, you can contact us through our Liverpool or London offices, call us directly, or visit: www.gadlegal.co.uk