What Is a Lasting Power of Attorney and Why Do You Need One?
Life is full of uncertainties and it’s impossible to predict what the future holds. That’s why it’s extremely important to ensure that you plan for the future, especially when it comes to your financial and healthcare decisions. This is where Lasting Power of Attorney (LPA) comes in.
In this blog we will help you to understand the importance of LPAs in safeguarding your interests and ensuring your wishes come to fruition.
Understanding Lasting Power of Attorney
LPAs are legal documents that allow one or more people chosen and trusted by you to make decisions on your behalf if you no longer have the capacity to do so; for instance, if you were to suffer a stroke or from dementia. It’s a future-proofing tool that helps you to maintain control over your life and future decisions, that provides peace of mind, ensures your wishes are respected and prevents costly legal complications.
There are two types of power of attorney that cover different issues: one being property and financial affairs, and the other health and welfare, although the majority of people choose to have both. An LPA focused on property and financial affairs will give the people of your choosing the ability to make decisions on your behalf, including paying bills or any debt, managing your bank accounts, collecting any benefits or pension, and selling your home. Alternatively, putting in place an LPA for your health and welfare will give them the authority to deal with your medical staff and care staff, as well as make decisions in regard to your personal welfare, including any routine healthcare or medical treatment; although this type of LPA can only be enacted after you have lost capacity, unlike a property and financial LPA.
Why You Need a Power of Attorney
Having LPAs in place can be invaluable. Most people believe that their next of kin will automatically be able to make decisions on their behalf if they were to lose capacity, though the reality is that if you were to lose capacity without having LPAs in place, in most cases, the Court of Protection would end up deciding who should be the one to make financial or healthcare decisions for you. This process can be costly, time consuming and can often result in decisions being made that don’t align with your wishes.
Having LPAs in place can provide you and your loved ones with peace of mind and offers the assurance that there is a plan in place that can help reduce the uncertainty during a challenging time. It’s always better to be safe than sorry!
At Howard & Over we pride ourselves on our ability to provide a first-class service to give you peace of mind for the future. So, don’t wait until it’s too late; take the step to secure your interests and those of your loved ones by creating an LPA. With expert help from our specialist Wills, Probate, LPA and Estate Planning team you can rest assured that your future is in the best hands possible.