We often plan our property journey with optimism—buying, upgrading, maybe even passing it on one day. But what if something unexpected happens? What if mental capacity is lost before decisions are made?
Real Estate & Dementia: A Costly Legal Roadblock
In a recent podcast with TalkFolks, a case was highlighted where a property couldn’t be sold because one spouse had dementia. Despite both being owners, the agent couldn’t proceed. The law requires a Deputyship order—this involves court applications, legal paperwork, hospital assessments, and costs around $7,000–$8,000.
The Smarter Option: Lasting Power of Attorney (LPA)
Here’s the thing—this could’ve all been avoided with an LPA. Setting up a Lasting Power of Attorney while you’re still mentally sound costs as low as $150 (plus a small doctor’s fee for verification). You appoint someone you trust to act on your behalf if anything happens. No court battles. No delays. No extra stress for your loved ones.
Why It Matters for Homeowners
Your home is likely your biggest asset. Without an LPA, no one—not even your spouse—can sell, refinance, or legally act on it if you lose mental capacity. Real estate transactions can get stuck for years.
Key Things to Take Note:
- Without an LPA, your property can be legally frozen.
- Deputyship is a long, expensive, and emotional process.
- Do the LPA while you’re still well—it’s simple and affordable.
Secure Your Property’s Future: Register Your LPA NowBefore it’s too late, take this small step now—because protecting your property starts with planning while you’re still in control.
If you or your loved ones own property, don’t wait. Speak to your lawyer or visit the Office of the Public Guardian website today to register your LPA. Share this with someone who needs to hear it.