You may have heard of the term ‘Lasting power of attorney’, but, understandably, you may not be sure of what it means or entails unless you are in a situation where you need to. A lasting power of attorney, or an LPA, is a legal document that lets you appoint someone who can make important decisions on your behalf while you are alive. Here, we look at everything you need to know about LPAs.
Types of LPA
There are two key types of LPA. These are:
Health and care LPA
This allows your attorney to make decisions about your medical treatment and care. This can include where you live, what you eat, what treatment you receive and who you see. It covers anything to do with your welfare.
Financial Decisions LPA
This allows your attorney to manage and make decisions regarding your finances and property. This can include settling outstanding bills, selling your property, collecting your pension, and receiving your benefits.
How Does an LPA Work?
An LPA allows someone to take over and express your wishes and make decisions on your behalf regarding your health and finances if you are unable to do so. Someone you trust, often a close relative, will make these very important decisions for you when you are unable to, ensuring your wishes are adhered to even when you are no longer capable of making new decisions. If an LPA is not in place, then your loved ones will need to apply for a deputyship order through the court if they wish to step in and make important decisions on your behalf. This can be a complicated, expensive, and drawn-out process. If you have an LPA, it can take effect as soon as it’s needed, giving you peace of mind that someone you trust can look after your affairs if you become unable to.
Who Might Need an LPA?
It is sad but true – an illness or serious accident can hit anyone at any time, no matter their age or situation. If you lose the capacity to make your own decisions and you do not have an LPA, then no one has the legal authority to manage your finances or make decisions about your healthcare on your behalf. If you wish to retain control over the decisions that are made on your behalf and give this authority to someone you trust, you should consider making an LPA. Without an LPA, someone you may not have chosen could be appointed by the court to manage your affairs on your behalf under a deputyship order.
To inquire about drafting a will, get in touch with Braintree Wills.