When it comes to planning for the future, many people consider writing a Will. However, there’s another crucial aspect of future planning that often goes unnoticed – setting up a Lasting Power of Attorney (LPA).
An LPA is a legal document that allows you to appoint one or more individuals to make decisions on your behalf if you lose mental capacity. These individuals that you have chosen are your ‘attorneys’. LPAs ensure that your financial affairs and personal welfare are managed by someone you trust.
The Health and Welfare LPA is concerned with decisions about your health and personal welfare. This will include living arrangements as well as medical treatments.
The Property and Financial Affairs LPA covers decisions about your finances and property, including the paying of bills and managing bank accounts.
Is it worth getting a Lasting Power of Attorney?
Here are some compelling reasons why we believe it is:
1. Protect Your Interests
An LPA ensures that your financial affairs and personal welfare are managed by someone you trust, thus protecting your interests and ensuring your wishes are carried out.
2. Prevent Family Disputes
If you lose mental capacity without an LPA in place, your family may need to apply to the Court of Protection to manage your affairs. This process can be:
- Lengthy
- Expensive
- A source of family disputes
An LPA can prevent such complications by allowing you to choose who will make decisions on your behalf.
3. Peace of Mind
Knowing that you have an LPA in place provides peace of mind. It ensures that your affairs are in order and that your wishes will be respected if you lose mental capacity.
4. Flexibility
An LPA can be tailored to your specific needs and circumstances. It can cover:
- Your financial affairs
- Your personal welfare
- Both financial affairs and personal welfare
5. Cost-Effective
Setting up an LPA may seem like an unnecessary expense, but it can be cost-effective in the long run. If you lose mental capacity without an LPA in place, the cost of applying to the Court of Protection can be significant.
How to Set Up a Lasting Power of Attorney
Setting up an LPA involves a few key steps:
- Choosing your attorney(s): Carefully select one or more trusted individuals who will make decisions on your behalf.
- Consult a Professional: Seeking professional advice helps ensure that all aspects of the form are completed correctly.
- Get your LPA signed & witnessed: The form must be signed by you, your attorney(s), and a witness.
- Registering your LPA: The LPA must be registered with the Office of the Public Guardian (OPG) before it becomes valid.
Conclusion: Why You Shouldn’t Delay
Putting in place a Lasting Power of Attorney is one of the most important steps you can take to ensure that your personal and financial affairs are handled by someone you trust. This offers peace of mind knowing that a trusted person/people will be able to make decisions according to your wishes if you could no longer do so yourself. In conclusion, setting up a Lasting Power of Attorney is a worthwhile investment. It:
- Ensures that your financial affairs and personal welfare are managed by someone you trust
- Prevents family disputes
- Provides peace of mind
- Offers flexibility to suit your needs
- Can be cost-effective in the long run
Don’t leave it too late. Speak to a professional today about setting up an LPA to secure your future and ensure that your wishes are honoured. These are very personal documents, and can be complex. Receiving professional advice for your particular circumstances can be extremely valuable.
To find out more about how Futura Planning can assist with these important documents, please call us on 01934 442030, or visit our LPA page.
