7th March 2025 | Aisling Kelly | Private Wealth, Lasting Power of Attorney, Will

If you have a bank account or own property, the short answer is yes—you need a Lasting Power of Attorney (LPA)!

An LPA is a legal document that allows you to appoint one or more people to help you make decisions, or to make decisions on your behalf, if you lose mental capacity. There are two types of LPA – one for Property & Financial Affairs and one for Health & Welfare.

Many people delay or avoid making an LPA because they mistakenly believe they don’t need one. Let’s debunk five common misconceptions:

A Will and an LPA are two separate documents, and each serves an entirely different purpose. A Will only takes effect after your death, whereas an LPA only operates during your lifetime. The executors named in your Will have no authority to manage your affairs while you are alive and the authority of your attorneys under an LPA ceases on your death. Without an LPA, no one – including family members – can automatically make financial or medical decisions for you.  

  1. “I am not elderly so I don’t need an LPA.”

Losing mental capacity is not limited to the elderly. Accidents, strokes, or illnesses can affect anyone at any age. Even temporary incapacity can create financial and legal complications. If you wait until you need an LPA, it may be too late—you must have mental capacity at the time of setting one up.

  1. “My family will take care of my assets if anything happens to me.”

Many assume their spouse or children can automatically take over their affairs if they become unable to manage them. However, no one has the legal right to do so without an LPA. Having an LPA means someone you trust can quickly, easily and legally step in as your attorney. Without an LPA, your loved ones will have to apply for a deputyship through the Court of Protection, a process that is expensive, time-consuming, and stressful.

  1. “Everything I own is in joint names so I don’t need an LPA.”

If a joint account holder loses capacity, banks can freeze the account, preventing the other owner from accessing funds. Similarly, property held in joint names cannot be sold without the consent of both owners. Without an LPA, your co-owner may have to go through the court system to act on your behalf. Ease the stress for your loved ones and prepare an LPA.

  1. “I already have an Enduring Power of Attorney (EPA), so I don’t need an LPA.”

This may be true—but not necessarily. EPAs were replaced by LPAs in 2007. While an existing EPA remains valid, it only covers property and financial decisions, not health and welfare matters. Additionally, if your circumstances or relationships have changed since 2007, you may want to review and update your arrangements.

Without an LPA, your loved ones could face unnecessary delays, expenses, and legal hurdles at an already difficult time. Don’t leave it to chance—secure your future today. Contact us here to find out how we can help you set up your LPA quickly and efficiently.