What is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a legal document that allows someone (the donor) to appoint one or more people (attorneys) to make decisions on their behalf, in case they become unwell and unable to do so themselves due to mental or physical incapacity. There are two types of LPA:
2 types of LPA:
1. Property and financial affairs LPA: This allows the attorney to manage the donor’s financial affairs, such as paying bills, collecting benefits, and selling or renting out property.
2. Health and welfare LPA: This allows the attorney to make decisions about the donor’s health and welfare, such as where they live, what medical treatment they receive, and what kind of social activities they engage in.
An LPA ensures that the donor’s wishes are respected and that important decisions are made by someone they trust. It can be useful in situations where the donor is no longer able to make decisions due to dementia, a stroke, or other conditions that affect their mental capacity. It can also provide peace of mind for family members, who may otherwise have to apply to the Court of Protection to make decisions on the donor’s behalf.
Why should you set up a Property and Financial Lasting Power of Attorney?
PROTECTION
A property and financial LPA allows you to appoint someone you trust to make important financial and property decisions on your behalf if you become unable to make these decisions yourself. This can help protect your interests and ensure that your affairs are managed in the way you would want.
COST SAVING
Without a property and financial LPA in place, it may be necessary for a court-appointed deputy to manage your affairs if you become incapacitated. This can be a costly process and may not be in line with your wishes. Having a property and financial LPA in place can help avoid these costs.
CHOICE
By setting up a property and financial LPA, you can choose who you want to manage your affairs if you become incapacitated. This can give you peace of mind that your affairs will be handled by someone you trust and who understands your wishes.
PEACE OF MIND
Knowing that you have a property and financial LPA in place can give you peace of mind that your affairs will be managed in the way you would want if you become incapacitated. This can help reduce stress and anxiety about the future.
PLANNING
Setting up a property and financial LPA is an important part of estate planning. It allows you to plan for the possibility of incapacity and ensure that your affairs are managed in the way you would want.
OVERALL
Overall, setting up a property and financial LPA can be a good decision for anyone who wants to plan for the possibility of incapacity and ensure that their affairs are managed in the way they would want. It can offer protection, choice, planning, cost-saving, and peace of mind.