Securing Your Future: The Undeniable Benefits of a Lasting Power of Attorney

A Lasting Power of Attorney ensures your wishes are respected and your affairs are managed smoothly,  if you lose the capacity to make decisions for yourself.

Planning for the future isn’t just about holidays and retirement, a Lasting Power of Attorney (LPA) is a crucial tool in your financial planning process, offering invaluable peace of mind and practical benefits.

This blog post explores why setting up an LPA is one of the most important steps you can take for yourself and your loved ones.

What is a Lasting Power of Attorney?

An LPA is a legal document that allows you (the “donor”) to appoint one or more people (your “attorneys”) to make decisions on your behalf if you become mentally incapable of doing so.

This could be due to illness, injury, or simply the natural ageing process. There are two types of LPA:

  • Property and Financial Affairs: This allows your attorneys to manage your finances, including paying bills, managing bank accounts, and selling property.
  • Health and Welfare: This allows your attorneys to make decisions about your healthcare, including medical treatment, care arrangements, and even where you live.

Why is an LPA so Important?

Without an LPA, if you lose mental capacity, your loved ones may have to go through a lengthy and often stressful process to apply to the Court of Protection to become your “deputy.”

The court process can be time-consuming and expensive, and it doesn’t guarantee the court will appoint them.

An LPA avoids this, giving you control over who makes decisions for you. Having an LPA is like having an insurance policy for your future. It gives you and your family peace of mind knowing that someone you trust can manage your affairs if you can’t.

Key Benefits of Having a Lasting Power of Attorney:

  • Control and Choice: You choose who you want to make decisions for you – someone you trust implicitly. This could be a spouse, partner, child, close friend, or professional advisor.
  • Avoids Court of Protection: As mentioned, an LPA avoids needing a potentially lengthy and costly application to the Court of Protection.
  • Reduced Stress for Loved Ones: Dealing with a loved one’s incapacity is stressful. Having an LPA alleviates the burden of managing their affairs without legal authority. “It took a huge weight off my shoulders,” one of our clients shared, “knowing I could handle Mum’s finances and care arrangements because she had an LPA.”
  • Ensures Your Wishes are Respected: Your attorneys are legally bound to act in your best interests and in accordance with your wishes, as far as they are aware of them.This is particularly important for health and welfare decisions.
  • Flexibility: You can specify in your LPA any instructions or preferences for your attorneys to follow, such as preferences for medical treatment or care arrangements.
  • Proactive Planning: Setting up a Lasting Power of Attorney is a proactive step that allows you to plan for the future while you still can make decisions. It’s much easier to set up an LPA when you’re well than when capacity is already in question.

Who Should Have an LPA?

Everyone should consider having an LPA, regardless of age or health.

Read about the Myths and the Reality of LPA’s

While we often associate incapacity with old age, it can happen anytime due to accident or illness. An LPA is not just about old age; it is a vital safeguard for anyone at any stage of life.

Getting Started:

Setting up a Lasting Power of Attorney involves completing the necessary forms, appointing your attorneys, and registering the document with the Office of the Public Guardian. It’s highly recommended that you seek professional advice to ensure the LPA is correctly drafted and reflects your wishes.

Conclusion:

A Lasting Power of Attorney is an essential part of planning for the future.

It provides peace of mind, protects your interests, and reduces stress for your loved ones.

Don’t wait until it’s too late – take control of your future today by setting up an LPA.

Please reach out to us today to discuss your needs.