Planning for the future means more than a Will.
A Lasting Power of Attorney (LPA) is a legal document that lets you (the ‘Donor’) appoint one or more people (known as ‘Attorneys’) to help you make decisions or to make decisions on your behalf and in your best interests.
There are two types of LPA :
- A Property & Finance LPA enables your chosen attorney to manage your finances, including operating bank accounts, paying bills, managing investments and buying/selling property. This ensures that your financial matters are always handled efficiently even when you are not able to manage them.
- A Health & Welfare LPA covers personal decisions such as your medical treatment, where you live, and even life-sustaining treatment decisions. It comes into effect only if you can’t make these decisions yourself.
An Attorney could be a spouse/partner, a family member, a friend or a professional.
An LPA helps you to have more control over what happens to you if you have an accident or an illness and cannot make or carry out your own decisions (often referred to as a ‘lack of capacity’).
Additionally, if you have capacity but need assistance for any reason, should you wish to, you can request your Attorney to act in your behalf.
Why Do You Need An LPA?
- Avoid Delays and Extra Costs: Without an LPA, your loved ones would need to apply for a Deputyship through the Court of Protection, which can be a lengthy and costly process.
- Business Protection: If you’re a business owner, an LPA can ensure that trusted partners or colleagues can make important business decisions on your behalf.
- Comprehensive Decision-Making: You can appoint family members to make decisions not only about your finances but also about your health and welfare, giving you complete control over your future care.
