An LPA, or lasting power of attorney, is an important document for us all rather than just for older people, as is commonly the misconception.
Putting a lasting power of attorney in place is just as important as having your will written; in fact, MoneySavingExpert describes it as protecting your future.
What is an LPA?
A lasting power of attorney is a document that enables someone of sound mind to nominate a trusted representative to take care of their affairs in the event that they no longer have the capacity to do so. There are two types of lasting power of attorney, with one relating to property and finances and the other to health and welfare. The power of attorney only comes into effect if the owner can no longer make their own decisions.
It is easy to arrange an LPA. You can either arrange an appointment in a solicitor’s office or you can arrange an LPA online through a company such as https://powerofattorneyonline.co.uk/.
Why is this document important?
There are four key reasons why an LPA is so important.
Firstly, it gives you complete peace of mind about your future. You know that your trusted relative or friend will have your best interests at heart and will act upon your wishes.
Secondly, it avoids any tricky legal complications that may arise. Without a power of attorney, well-meaning family members might have to apply to the Court of Protection to be set up as deputies before they can act on your behalf.
Thirdly, you get to choose who manages your affairs. Finances and health are both deeply personal matters, so it stands to reason that you would prefer a trusted relative to help.
Lastly, it means your wishes can be followed. While healthcare staff and bank staff may mean well, they may well not know what would have been your preferred option in any given scenario. Having the power of attorney arranged means you can discuss scenarios with your loved ones and ensure your wishes are followed.
