Lasting Powers of Attorney (LPA)
An LPA is a completely separate legal document from your will, although many people decide to complete the process at the same time as their will as part of planning for the future.
There are 2 types of lasting power attorney:
- Health and Welfare LPA (to help with care and medical treatment)
- Property and Financial Affairs LPA (to help with running your finances and property)
There are a number of reasons that you might need an LPA.
You might not want to or be unable to make decisions for yourself.
This could be:
- A short term situation, for example a stay in hospital making it hard for you to pay your bills or other financial commitments.
- A Long term situation, for example being diagnosed with dementia or may lose mental capacity in the future.
Either way, taking the time to prepare for the future with an LPA means that you can have peace of mind that someone you trust can look after your affairs when you are unable to. It is important to note that you can only complete a lasting power of attorney whilst you have the legal capacity to understand the document. This means you cannot sign over decisions to someone else if you have lost mental capacity due to an accident or age.
A Lasting Power of Attorney is an important part of planning for the future. It ensures that there is no expensive and time consuming last minute legal work needed for your loved ones. With an LPA in place you can rest assured that someone you trust is in place to legally manage your affairs when you are not able to.
For more information Contact Us or download our free guide below.