6 Benefits of Having a Lasting Power of Attorney

Setting up a Lasting Power of Attorney is easy. It can help you and the ones you love during a challenging time. Let’s find out more.

A Lasting Power of Attorney (or LPA) allows you to grant legal power to someone else to make decisions about your financial situation, medical treatment and other affairs, if you lose the mental capacity to make them yourself.

We don’t like to think about it, but bad things can happen. You could have an accident, or become affected by Alzheimer’s or dementia, meaning you could no longer make these decisions for yourself, or express them clearly. Furthermore, you could be in isolation in hospital without any recourse to manage your financial affairs.

An LPA is easy to set up and brings many benefits. Here are our six reasons you should arrange an LPA this week.

1 – An LPA gives you better decisions

We all want the freedom to make decisions for ourselves, but what about when you can’t make those choices anymore? If you become unable to think clearly for yourself, the person you appoint as your LPA will be able to make decisions on your behalf. This means you will get better outcomes. Hopefully, the decisions your Attorney (the person you appoint) makes would be what you would have wanted anyway.

2 – You get to choose who looks after your situation

When you appoint your Attorney, you can nominate someone you trust to act in your best interests. It could be your partner, your children or a close friend or family member.

It’s also possible to appoint several Attorneys if you wish.

3 – Without an LPA, life can become stressful and expensive

If you don’t set up and LPA and you become unable to express your decisions, life for you and your loved ones can become even more challenging. The people who you would want to make your choices, such as your partner or children, are not able to automatically take control of your affairs.

They have to go through the legal process of applying for a Deputyship Order, which can be time-consuming and expensive. Even when the authority is granted by the court, it may not necessarily be the person you would have chosen for the role.

Don’t wait. Talk to your solicitor today about granting Lasting Powers of Attorney to someone you trust.

4 – There are different types of LPA

There are two different types of LPA, meaning you can choose the one that is right for you, your affairs and your situation.

A Health and Welfare LPA grants your Attorney the power to decide on healthcare, including treatments and surgeries. It also gives them the authority to make decisions on your living arrangements.

The other type of LPA is a Property and Financial Affairs LPA. This grants your Attorney the authority to manage your finances, your assets and your property, provided they are located in England or Wales.

You can appoint different people to different roles. However, your Financial Attorney must consult with a professional advisor before they can make decisions on investments. This is to stop them from being reckless with your money.

5 – You decide when an LPA comes into effect

Because you have set up your LPA in advance, you get to decide when it comes into effect. With a Property and Financial Affairs LPA, you might want it to start straight away. Alternatively, you may want it to trigger when you lack the mental faculties to make your own decisions.

We generally advise for LPAs to come into effect from the date of receiving it back from the Office of the Public Guardian (where LPAs are registered) so it can be used by the Attorney(s) in the event you’re unable to do take any form of action, including if you’re in isolation. 

6 – It’s peace of mind for you and your loved ones

It’s not something we like to think about, but accidents can happen, while illnesses such as Alzheimer’s can take over your mental capacity very quickly.

When you arrange an LPA with your solicitor, even when you are the picture of health, you can rest assured that if the worst happens, you’ll be looked after by someone you can trust, someone who cares about you.

The alternative is a lengthy and costly process, which may result in the wrong person being given control of your affairs.

If you’re thinking of setting up your LPA, it’s essential that you talk to a solicitor. Don’t leave things to chance. Don’t try to do a solicitor’s job yourself.