As we age, it becomes increasingly important to plan for the future and to ensure that our wishes are carried out in the event that we are unable to make decisions for ourselves. One important way to do this is to create a lasting power of attorney (LPA). An LPA is a legal document that allows you to appoint someone to make decisions on your behalf if you become unable to do so. In this article, we will explore the benefits of having an LPA and why it is important to create one.
What is a Lasting Power of Attorney?
Before we dive into the benefits of having an LPA, let’s first define what it is. A lasting power of attorney is a legal document that allows you to appoint someone you trust, known as an attorney, to make decisions on your behalf if you become unable to do so. There are two types of LPAs in the UK: one for financial decisions and one for health and welfare decisions.
Types of Lasting Power of Attorney
- Property and Financial Affairs LPA
- Health and Welfare LPA
Benefits of Having a Lasting Power of Attorney
Now that we understand what an LPA is, let’s explore the benefits of having one.
By creating an LPA, you are able to choose who will make decisions on your behalf. This ensures that someone you trust and who knows your wishes will be making decisions for you, rather than a court-appointed deputy.
2. Peace of Mind
Creating an LPA provides peace of mind that your affairs will be taken care of in the event that you are unable to make decisions for yourself. This can be especially important for those with medical conditions or disabilities.
3. Financial Management
If you create a property and financial affairs LPA, your attorney will be able to manage your finances on your behalf. This can be especially helpful if you are no longer able to manage your own finances due to illness or disability.
4. Healthcare Decisions
A health and welfare LPA allows your attorney to make decisions about your medical treatment and care. This ensures that your wishes are taken into account and that you receive the treatment you want.
5. Avoiding Court Proceedings
If you do not have an LPA and become unable to make decisions for yourself, a court may need to appoint a deputy to make decisions on your behalf. This can be a costly and time-consuming process. By creating an LPA, you can avoid this.
An LPA can be tailored to your specific needs and wishes. You can choose who your attorney will be, what decisions they can make, and when the LPA will come into effect.
7. Family and Loved Ones
Creating an LPA can help to ease the burden on your family and loved ones if you become unable to make decisions for yourself. By appointing an attorney, they will not need to make difficult decisions on your behalf.
In conclusion, creating a lasting power of attorney can provide many benefits. It allows you to choose who will make decisions on your behalf, provides peace of mind, and can help to avoid court proceedings. It also allows you to tailor the LPA to your specific needs and wishes. If you have not yet created an LPA, it is important to do so to ensure that your affairs are taken care of in the event that you become unable to make decisions for yourself. Learn more about the LPA service that the Right Will offer.
- What is the difference between a lasting power of attorney and an enduring power of attorney?
- An enduring power of attorney is a previous version of the LPA that is no longer available to create. LPAs replaced enduring powers of attorney.
- Who can be an attorney in a lasting power of attorney?
- The attorney can be anyone you trust and who is over 18 years old, but they must not be bankrupt or have a conflict of interest.
- Can I revoke a lasting power of attorney?
- Yes, you can revoke an LPA as long as you have the mental capacity to do so.
- How much does it cost to create a lasting power of attorney?
- The cost varies, but in England and Wales, the application fee is currently £82 for each LPA.
- When does a lasting power of attorney come into effect?
- It comes into effect when you become unable to make decisions for yourself, but only if it has been registered with the Office of the Public Guardian.
Creating a lasting power of attorney is an important step in planning for the future. It provides peace of mind that your wishes will be carried out and can help to avoid court proceedings. By appointing someone you trust as your attorney, you can ensure that your affairs are managed in your best interests. If you haven’t created an LPA yet, it’s never too late to start. Take the time to consider your options and talk to a legal professional to help you make the best decisions for your future.