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Healthcare Costs: Around 1 in 4 of us will need some form of care before you die, whether it be at-home assistance or residential care. This can be a significant financial burden: In England the council generally helps to pay for care costs if you have savings less than £23,250. From October 2025 this will rise to £100,000 in savings. It may be that you’ll have to pay towards the cost of your care. The more money you have, the more you’ll be expected to pay.

It is important to consider potential healthcare costs and how you will cover them. It is also important to consider the impact on your family’s legacy if you will be self-funding.

Lasting Power of Attorney (LPA): Making LPAs is one of the most important things you can do. It gives you control over your healthcare and finances for the time when you may be unable to make decisions for yourself.

Main Points:

Types of LPAs:
- Health and Welfare LPA: Allows someone to make decisions about your health and personal welfare.
- Property and Financial Affairs LPA: Permits someone to manage your property and financial matters.
Activation:
- Health and Welfare LPAs are effective when you lose mental capacity.
- Property and Financial Affairs LPAs can be used as soon as they’re registered, with your consent.
Registration
- LPAs must be registered with the Office of the Public Guardian to be legally valid.

Benefits:

Control and Peace of Mind: You choose trusted individuals to make decisions on your behalf. This ensures decisions are made according to your wishes and best interests.
Flexibility: You can specify how and when your attorneys can act, and can revoke or update an LPA as long as you have the mental capacity.
Protection in Unexpected Situations: Having an LPA prepares for unforeseen events like illness or accidents leading to loss of capacity, and prevents delay and expense of court processes to appoint a deputy.
Financial Management: It ensures continuous management of your financial affairs, including paying bills and managing investments.
Healthcare Decisions: Your chosen attorney can make healthcare decisions if you’re unable to, ensuring your health preferences are respected.
Reduced Family Burden: Eases the strain on family members by clearly outlining who will make decisions and how.

LPAs are a crucial element of future planning, offering reassurance that your affairs and welfare will be handled according to your wishes by those you trust.

Frequently asked questions

What is a Lasting Power of Attorney, and why would I need one?

A Lasting Power of Attorney (LPA) lets you choose someone you trust to make decisions on your behalf if you're ever unable to make them yourself. It can only be set up while you have mental capacity, which is why it's worth arranging well before it's needed.

What's the difference between a Health and Welfare LPA and a Property and Financial Affairs LPA?

A Health and Welfare LPA covers decisions about your care and medical treatment, while a Property and Financial Affairs LPA covers decisions about your money, bills, and property. Many people set up both, since they cover different areas of life.

How much might I have to pay towards care costs in later life?

Around one in four people will need some form of care in later life, and how much you'd contribute depends on a means test against your income and assets, with the exact thresholds set by government and reviewed periodically — it's a good idea to check current figures with us as part of your planning.

What happens if I lose mental capacity without an LPA in place?

Your family would need to apply to the Court of Protection to be given authority to manage your affairs, which is typically slower, more costly, and more stressful than having an LPA already in place beforehand.

When's the right time to set up an LPA?

The honest answer is before you think you need one — an LPA can only be created while you're capable of understanding and making the decision yourself, so waiting for a health scare can mean it's too late.

Can Apex CB arrange a Lasting Power of Attorney for me?

We don't arrange Lasting Powers of Attorney ourselves, but we can refer you to a good solicitor for advice, and we're happy to work alongside them so your LPA fits within your wider financial plan.

This is general information and does not constitute personalised financial advice. Individual circumstances vary, and product and tax rules can change. Apex CB Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority (FCA No. 507964).

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