Lasting Power of Attorney and planning for your future
Protect your family and ensure your financial affairs can be taken care of with a lasting power of attorney.
What is Lasting Power of Attorney?
When you set up a Lasting Power of Attorney (LPA), you are effectively ensuring that your affairs can be managed and important decisions can be made for you, should you lose the capacity to take care of these things yourself.
The LPA is a document that legally allows a person of your choosing (called your ‘attorney’) to make decisions on your behalf. You can include restrictions and conditions which limit the authority of your attorney and you can also offer them guidance on how to make decisions for you.
Why do you need a Lasting Power of Attorney?
LPAs are frequently set up for elderly people, and it’s important to act while you still have full capacity to avoid unnecessary stress later down the line. Once you’ve set up the LPA, you have the long-term peace of mind that there will always be somebody who is able to make decisions on your behalf and look after your affairs, even if this is not required for many years to come.
There are many different circumstances where you may find the need to set up an LPA. For example, if you’re spending time in hospital, you may need assistance with various everyday tasks such as paying bills. Having an LPA in place can solve this issue, so that the bills don’t go unpaid while you’re temporarily unable to manage.
There may be more longstanding circumstances as well, such as dementia or loss of mental capacity whereby you are no longer able to make decisions for yourself. If you don’t have an LPA set up before you lose mental capacity, your family may have to go to court to ask a judge to appoint an attorney for you.
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