What happens when you can longer make the decisions?
It is distressing to contemplate that old age may bring with it mental and/or physical
deterioration. Our solicitors fully understand your anxieties and will advise and
guide you through the legal processes you need to consider with the utmost sensitivity.
Our financial planning for the elderly also extends to family members who are looking
for the very best financial planning services for elderly parents or other relatives.
Lasting Powers of Attorney
There may come a day when you are no longer able to make decisions for yourself.
A Lasting Power of Attorney (LPA) is a way of avoiding complications for your loved
ones if or when this happens.
There are 2 separate types of LPA which help you to decide who will take care of
your assets or welfare should you become incapacitated or require long-term care,
perhaps in a care home.
The 1st type of Lasting Power of Attorney relates to your finances and property.
The 2nd type of Lasting Power of Attorney deals with your personal welfare, for
example where you are to live and how you will be cared for if you need long-term
care in later years.
You can only make a Lasting Power of Attorney if you are mentally agile. If you
feel that you are beginning to suffer from memory loss or have been diagnosed with
a condition which may affect your mental capacity in the near future such as Alzheimer’s
or other forms of dementia, then you may want to consider making a Lasting Power
of Attorney naming a trusted relative or friend who will oversee your affairs before
your condition worsens.
If you do suddenly deteriorate and perhaps even require admittance to a care home
and you haven’t set up a Lasting Power of Attorney then it would be very difficult
for anyone to handle your finances or make decisions on your behalf. Your relatives
would have to apply for a Deputyship, which is a long and expensive process.
That's why we advise you to set up a LPA while there is no pressure to do so and
whenever needed we can step in as your expert solicitors to give any assistance
when and if required.
Living Wills and Advance Decisions
A Living Will sets out your wishes should you require medical treatment of any kind
whether you are in long-term care or living independently.
A Living Will allows you to state what medical care you would like and what medical
care you would refuse should you be unable to do so at the time.
A Living Will also allows you to appoint a relative or friend who can make vital
decisions regarding your treatment should the need arise.
You can make a Living Will even if you have been diagnosed with a mental illness
so long as you can show that you understand all the implications of your actions.
Under the Mental Capacity Act 2005 people in England and Wales have the right to
refuse treatment by the use of an "advance decision". An advance decision is a binding
refusal of a certain type of treatment. Many people who have dementia or are worried
they may develop it use this type of document as a means to express their wishes
regarding their treatment.
Our team of solicitors have specialist knowledge when it comes to mental health
and community care for the elderly. We can assist you with all aspects of drawing
up a Living Will or an Advance Decision.
Planning for the future – Wills and Probate
It is also a good idea to organise your affairs in a tax-efficient way in order
to provide for the future. If you haven't already made a will or it needs updating
you should do so as soon as possible. If you were to pass away without making a
will your estate and assets may not get distributed as you would expect.
With good quality legal advice you can also significantly reduce Inheritance Tax
through the specialist use of Wills and Trusts.
Get in touch
Call us now on freephone: 0808 129 3320 or complete our online enquiry form and we will get
in touch with you.