A person with dementia living at home, who has less than £23,250 in capital will be means tested. This is a difficult calculation which takes into account a person’s assets, including their home in some circumstances, to identify what contribution they can make towards their care. If they need more than four home visits a day, it’s usually deemed that care would be more cost effective and they would be better suited in residential social care or a nursing home. With all these factors in mind, it’s important to ensure that you have all your arrangements in order should you develop dementia. Being diagnosed ultimately means there will be issues with maintaining your independence and well-being. As your metal ability starts to fail, it’s important to know that someone will be there to look after your interests when the time comes that you can’t do it yourself. A Lasting Power of Attorney (LPA) is a legal document that gives a person, or persons, nominated by you (your attorney) the authority to make decisions on your behalf. Essentially, there are two types of LPAs. The first deals with your financial affairs, while the second addresses your welfare. You’re not obliged to take out both LPAs but if you do, you can have the same attorney for both or they can be different. Making an LPA doesn’t mean you’re giving up control of your finances or treatment as it allows you to decided when your Lasting Power of Attorney becomes effective.
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A property and affairs LPA allows your attorney to handle your finances, such as any property and savings you may have, paying for care fees or arranging the sale of your home if necessary. One thing to be aware of with a finance LPA is that your attorney isn’t allowed to have been declared bankrupt. A welfare LPA addresses your personal well-being. It outlines what medical treatment you should receive or where you live, for example. You can even give your attorney the power to accept or refuse life-sustaining treatment on your behalf. Although it’s a legal document, what an LPA gives you is peace of mind. No one wants to think that they may develop life limiting conditions, but the reality is dementia can affect any of us at any time in later life, so it’s reassuring to know that if you’re unable to make a decision yourself, they’ll be someone who can. Because you’ll have chosen your attorney, you’ll know they will have your best interests at heart and will make decisions based on what you want, rather than leaving it to a stranger or someone you don’t trust. An LPA also prevents family or friends having to apply for similar powers in the future, which can be an expensive and time-consuming business. The key to remember, however, is that you can only set up an LPA while you’re well because the law won’t recognise it as a legally binding document once you’ve lost capacity.
If you’re interested in drafting your LPA, contact Pooleys Solicitors and we will guide you through the regulations and discuss what’s right for your circumstances.
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