It is often said that the most important conversations are the ones we avoid.
Discussing mental health is no exception, and when it comes to the possibility of losing the ability to make decisions for ourselves, even the most organised among us can be inclined to put the topic on the back burner.
However, Mental Health Awareness Week is a timely reminder that wellbeing is not just about how we feel today, it is also about how prepared we are for whatever life may bring. In financial planning, one of the most practical and compassionate steps you can take is to have a Lasting Power of Attorney (LPA) in place
What is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a legal document that allows someone you trust and have appointed (known as your ‘attorney’) to make decisions on your behalf if you lose the ability to do so. LPAs replaced the old Enduring Power of Attorney system in 2007 and are now the standard legal mechanism for planning ahead in England and Wales.
There are two types of LPA:
- Health and welfare LPA – covering decisions around medical treatment, care, and living arrangements.
- Property and financial affairs LPA – enabling someone to manage your bank accounts, bills, investments, and even sell property if needed.
Unlike a will, which only takes effect after death, an LPA is designed to protect you while you are still very much alive.
Why does this matter for mental health?
Loss of mental capacity does not just happen in old age. Accidents, illness, or mental health conditions can leave anyone, at any age, temporarily or permanently unable to manage their affairs. In those moments, an LPA gives you control over who steps in and how they act on your behalf.
Without one, family may need to apply to the Court of Protection to take over – a lengthy, often stressful process that can compound an already difficult situation.
Where does this fit in with financial planning?
When we talk about financial wellbeing, we are not just talking about growth and returns. We are also talking about resilience – making sure that your financial affairs remain in good order even if you are unable to manage them personally.
For example, an LPA allows your attorney to:
- Access and manage your investments during a period of incapacity
- Ensure regular payments such as mortgages, care fees, or school fees are maintained
- Make time-sensitive decisions without legal delays
- For business owners, directors, or those with complex financial arrangements, an LPA can be a crucial part of continuity planning.
Planning with Confidence and Care
Putting a Lasting Power of Attorney in place is not about expecting the worst – it is about taking a proactive step to protect yourself, your family, and your future. It reflects careful thinking and a desire to make sure that, should circumstances change, your affairs are handled by someone you trust and in line with your wishes.
For many of our clients, it forms a natural part of a wider financial planning conversation, not just about assets and investments, but about peace of mind and continuity.
We always recommend seeking qualified legal advice when preparing a Lasting Power of Attorney. If you would like to be introduced to a solicitor or specialist adviser in this area, please do not hesitate to speak to us.
Contact us on 0330 320 9280, email info@cravenstreetwealth.com or complete our online enquiry form to discuss your own personal circumstances.
The content of this article is for information only and does not constitute formal financial advice. This material is for general information only and does not constitute investment, tax, legal or other forms of advice. You should not rely on this information to make, or refrain from making any decisions. Always obtain independent, professional advice for your own particular situation.Craven Street Financial Planning Limited is authorised and regulated by the Financial Conduct Authority (FCA).