The Sandwich Generation
I’d forgive you for thinking that the sandwich generation refers to hordes of office workers swarming to Pret A Manger in their lunch break. But that isn’t the case. It’s much more serious than falafel on sourdough!
The term sandwich generation refers to Millennials (often the offspring of Baby Boomers) that find themselves literally sandwiched between the demands of caring for young children (what with many women having babies later than they did) and meeting the needs of aging parents – what with people often living longer than they did.
As this Oxford academic blog points out, even if you’re a Millennial in this situation with resources and support, it’s a lot of balls to keep in the air. The pity is that, for too many people, it’s all too easy to fall down the cracks in our healthcare and social support systems. The caregivers need care too. And, without adequate support the toll taken on emotional, mental and physical health can indeed be overwhelming.
It’s a tough one all round – but there’s one thing you can do to remove a potential source of strife – and a major one that. You can make sure your parents have their Lasting Power of Attorney in place. And, if you’re caught up in a sandwich scenario the sooner you all get this sorted the better.
Why your parents need a Lasting Power of Attorney
If you’re asking yourself why I’m urging you to get your parents to put an LPA in place there’s a short answer: peace of mind. Peace of mind for them and for you. Because isn’t your life frantic enough without being unable to deal with their health and finance should they become unable to and there be no LPA in place? Further, it will give them the reassurance that someone they trust – YOU – can take of their affairs when the need arises. So it’s a mutual benefit.
I can’t stress enough that you must talk to them about getting an LPA. And the sooner the better.
Anticipating you might have questions – read on.
Lasting Power of Attorney – What it is and What it does
An LPA is, put simply, a legal document. It’s one that allows your parents to appoint people – their attorneys – to act on their behalf. It’s vital they have such a thing in position should they become incapable of managing their own affairs. Whether that be for physical or mental reasons.
What else do I need to tell my parents?
They must appreciate that there are two types of LPA – and what they are.
- The first kind of LPA would deal with your parent’s financial affairs and property.
- And the second kind would deal with their health and welfare.
These are the two main kinds of LPAs. You can find out more about each of them here.
Two reasons why your parents should get their LPA sorted
Having looked at the what – here’s a bit more on the why.
- For financial affairs
To be as brief as I can: a financial LPA lets your parents’ attorneys buy and sell their property. It also allows the attorney to withdraw money and pay bills. Hence, if your parents want you to be responsible for their property and fiscal affairs in the event of any incapacitation occurring, it’s vital they sort an LPA out while they can.
- For Health and welfare
This LPA gives you the power to look after everything concerning your parent’s health and welfare if/when the time comes that they can’t do it themselves.
How should my parents select their attorneys and how many can they have?
Anyone that your parents select to act as their attorney must be over eighteen years old. Further, and this is of utmost importance, they must have total trust in the person/s they want to represent them. After all, they’re going to be charged with making important decisions about your parents’ health and finances. The attorneys will also have access to your parents’ money.
Let’s suppose for a moment, that your parents want you to be an attorney for them. That’s fine. But you should encourage them to also get in place a second or replacement attorney. Why? Well it’s not beyond the realms of possibility that a situation arises whereby your parents need an attorney’s help, only for you to be unavailable.
Should such an unfortunate event occur, the other attorney can assume the mantle.
I advise you to help your mum and/or dad select someone with whom you have a good relationship. Otherwise, it could get difficult to reach decisions on a plan of action.
Your parents shouldn’t select more than four attorneys for practical reasons. At least not unless there’s some specific reason why they should.
What do my parents need to do to get a Lasting Power of Attorney in place?
The best thing they can do is seek professional advice from someone like me to get the LPA completed and registered. You and/or they can contact me here.
NB: You must get the LPAs registered before you can use them.
How long does the process take?
Well, as a rule, and so long as I’ve got to hand all the information, I can complete the forms within a couple of days.
The bit that takes time is the registration process. The law requires that all LPAs are registered before use. Registration takes about five months. It’s always best to register the LPAs at once. Then, when your parents need their attorney/s to use it, they can.
NB: You’ll need get the LPA signed by the person/s making them – known as the donor. They will be your persons, all the attorneys and a certificate provider. The latter being someone who signs to say that both you and your parents understand what’s happening and that no one is exerting any force on them to get the LPA set up.
An attorney dies or loses capacity themselves. What then?
Should your parents have appointed more than one attorney ‘jointly and severally’ and one of them dies or loses capacity, the others can carry on acting on their behalf.Can my parents change their minds about their attorney appointments?
Yes, they can. It’s possible – but it’s not simple. They’d have to revoke or cancel the original LPA and then make a whole new one. This is expensive and time-consuming so it’s best to make an LPA with a view to it standing the test of time.
What does it all cost?
You and they can see what I charge for drafting LPAs here on my website.
Where can my parents get more information?
They can always call me on 07538946839 or email me at info@swindonwillwriting.co.uk.
I’m more than happy to give them some initial advice and help them decide whether they should have an LPA.