What Is a Lasting Power of Attorney?
Planning for the future isn't always easy, but putting the right legal arrangements in place can give you and your loved ones peace of mind. One of the most important documents you can have is a Lasting Power of Attorney (LPA).
Lasting Power of Attorney Explained
A Lasting Power of Attorney (LPA) is a legal document that lets you appoint one or more people, known as attorneys, to make decisions on your behalf if you lose the ability to do so yourself.
Many people assume that their spouse or a close family member can automatically step in if they become seriously ill or lose mental capacity. In reality, this isn't the case. Without an LPA in place, your loved ones may not have the legal authority to manage your finances or make important decisions about your care.
Creating a Lasting Power of Attorney gives you control over who will act for you and ensures the people you trust understand your wishes.
Why Is an LPA Important?
Although many people associate LPAs with older age, they can be valuable for adults of any age. An accident, serious illness or medical condition could affect your ability to make decisions unexpectedly.
Having an LPA in place can help ensure someone you trust is able to:
- Manage your bank accounts.
- Pay household bills.
- Handle your property and financial affairs.
- Make decisions about your healthcare and daily care.
- Speak with medical professionals on your behalf when appropriate.
The Two Types of Lasting Power of Attorney
There are two types of LPA, and you can choose to make one or both depending on your circumstances.
Property and Financial Affairs LPA
A Property and Financial Affairs LPA allows your attorney to manage your finances. This may include:
- Paying bills.
- Managing bank accounts.
- Collecting pensions or benefits.
- Buying or selling property.
- Looking after investments.
With your permission, this type of LPA can be used while you still have mental capacity, or it can be used if you lose the ability to manage your own affairs.
Health and Welfare LPA
A Health and Welfare LPA covers decisions relating to your personal wellbeing. This may include:
- Medical treatment.
- Care arrangements.
- Moving into a care home.
- Daily routine and personal care.
- Life-sustaining treatment, if you've given your attorney that authority.
Unlike a Property and Financial Affairs LPA, a Health and Welfare LPA can only be used once you lack mental capacity to make those decisions yourself.
Who Can Make Decisions on Your Behalf?
When creating an LPA, you can choose almost anyone you trust to act as your attorney, provided they're over 18 and have the mental capacity to carry out the role. Many people appoint a spouse, partner, close friend or another family member, while others choose more than one attorney to act together or separately.
Your attorney has a legal duty to act in your best interests and follow any instructions you've included in your LPA.
Plan Ahead with Confidence
A Lasting Power of Attorney is one of the most practical ways to protect yourself and your loved ones. It gives you the opportunity to choose who will make important decisions if you're no longer able to do so yourself, providing reassurance that your wishes will be respected.
Whether you're planning for later life or simply preparing for the unexpected, putting an LPA in place now can help avoid unnecessary delays, expense and uncertainty in the future. At Wills In Plain English, we offer a professional service focused on protecting your wishes. If you need help setting up an LPA, contact our knowledgable team today.
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