What is a Lasting Power of Attorney, and why does it matter?
Most people associate "getting your affairs in order" with wills. Far fewer have thought about what happens if they're still alive, but suddenly unable to manage their own affairs.
The basic idea
An LPA lets you choose someone you trust (your "attorney") to make decisions on your behalf if you're ever unable to make them yourself. You set it up while you have full mental capacity, so it's ready if it's ever needed.
The two types
Property and financial affairs LPA covers bills, bank accounts, pensions, and property. Health and welfare LPA covers medical treatment and daily living decisions, used only once you're unable to decide yourself.
What happens if you don't have one
Without an LPA, if you lose capacity, your family cannot simply step in, not even a spouse. Instead, they'd need to apply to the Court of Protection for a "deputyship," which is slower, more expensive, and more stressful.
What it costs
Alongside my fee (from £150 for one LPA, or £220 for both types), there's a registration fee paid directly to the Office of the Public Guardian, currently £92 per LPA. An LPA can't be used until it has been registered, so it's worth doing that straight away rather than waiting until it's needed.
Who needs one
The honest answer: everyone, eventually. Accidents and sudden illness don't wait for a "sensible" age, and you can only set one up while you have full capacity, so it needs sorting in advance.