Life is full of surprises. Whilst we can’t predict the future, we can prepare for it by making informed decisions today that safeguard our well-being. One such decision is creating a Lasting Power of Attorney (LPA). Though often overlooked, an LPA is one of the most important documents you can have, ensuring that your wishes are respected, and your affairs are handled with care if you’re unable to do so yourself.
A Lasting Power of Attorney is a legal document that allows you to appoint someone (known as an “attorney”) to make decisions on your behalf if you become mentally incapacitated or are unable to make decisions for yourself. There are two types of LPAs:
- Health and Welfare LPA: This gives your attorney the authority to make decisions about your health and care if you’re no longer able to make these decisions for yourself. It includes choices about medical treatment, daily living needs, and even life-sustaining treatment.
- Property and Financial Affairs LPA:This allows your attorney to manage your financial and property matters, such as paying bills, managing investments, and handling property transactions. This LPA can be used whilst you still have mental capacity if you wish, but it is especially useful if lose capacity later on.
Why is an LPA Important?
1. Protecting Your Health and Well-being
In the event of an accident, illness, or progressive condition that affects your ability to make decisions (such as dementia), an LPA ensures that someone you trust will be in charge of making health and welfare decisions on your behalf if you are unable to make those decisions yourself. Without an LPA in place, it will be very difficult for your family our family to make these decisions which could delay necessary care or medical treatments. Having an LPA in place will enable someone you trust that understands your values, beliefs, and preferences, can ensure that your care aligns with your wishes.
2. Preventing Financial Hardship
Without a Property and Financial Affairs LPA, if you were to lose the ability to manage your finances, there could be serious consequences. Your bank accounts might be frozen, bills could go unpaid, and financial matters could spiral out of control. Family members would have to apply to the court for a Deputyship Order, which is costly, time-consuming, and may not align with your wishes. An LPA gives your chosen attorney the legal authority to handle your finances seamlessly. Whether it’s managing bills, selling property, or handling investments, your appointed attorney can make sure everything continues to run smoothly. This is especially important if you have complex financial arrangements, such as a business or assets abroad, where decisions need to be made quickly and efficiently.
3. Minimizing Stress for Your Family
Dealing with the incapacity of a loved one is stressful enough without having to navigate complicated legal processes. Having an LPA in place reduces the burden on your family by giving them clear guidelines and legal authority to act on your behalf. This can prevent family disputes, confusion, or delays in accessing care and support. By naming a trusted individual to make decisions for you, you ensure that your family won’t be left in limbo during a difficult time. An LPA also provides clarity on your wishes, so your family can feel confident that they are acting in your best interests.
4. Maintaining Control Over Your Decisions
Creating an LPA is an opportunity for you to maintain control over your future. It gives you the ability to choose who will make decisions for you and ensures that those decisions reflect your values and preferences. Without an LPA, the courts may appoint a third party to make decisions for you, and you may not have any input into that decision. By preparing an LPA now, you’re ensuring that your voice is heard, even if you are unable to speak for yourself. You can also specify any restrictions or instructions, such as preferences for specific medical treatments or how your finances should be managed.
5. Peace of Mind for You and Your Loved Ones
Ultimately, one of the greatest benefits of having an LPA is the peace of mind it brings.
Knowing that you’ve taken steps to ensure your health, finances, and personal affairs will be
taken care of, regardless of what the future holds, allows you to live more freely and
confidently.
Additionally, having an LPA in place ensures that your loved ones won’t be burdened with
uncertainty or legal challenges during a time when they should be focusing on supporting
you. It can be incredibly comforting to know that your wishes are clearly laid out.
How to Set Up a Lasting Power of Attorney
Although it is possible to set up an LPA yourself, we highly recommend you seek the advice
of an SRA regulated Solicitor to assist you with this. A Solicitor are best placed to fully
explain all the powers an LPA gives to your chosen attorney(s), to explain the decisions you
need to make within each LPA and ensure any instructions or preferences are clear so that
they can be followed by your attorneys.
It can be overwhelming knowing where to start, so please feel free to contact us and we
would be very happy to have a chat and give you some guidance.
Final Thoughts
Whilst thinking about incapacity can be uncomfortable, preparing for it is an essential part
of responsible planning. A Lasting Power of Attorney is a vital tool that ensures your health,
finances, and affairs are managed according to your wishes, if you're unable to make those
decisions yourself.
Whether you’re just starting out in life or you’re approaching later stages, setting up an LPA
is an empowering choice. It protects you, supports your family, and provides clarity in times
of uncertainty. Don’t wait for the unexpected to happen—take action today to ensure that
your future is in good hands.