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The importance of making a Lasting Power of Attorney

We all know that leaving a Will ensures our wishes and affairs are taken care of after our death ,but not everyone considers what happens if they are no longer able to manage their affairs in their lifetime. The population of the UK now lives longer, and it’s possible that one day you will be unable to manage your own financial and welfare matters.

A Lasting Power of Attorney (LPA) is a legal document which allows you to appoint an individual or individuals known as ‘attorneys’ to take care of your affairs and act as your representative if your mental or physical capacity deteriorates and you unable to carry on making decisions for yourself.

There are two types of Lasting Power of Attorney which are;

1. Property and Finance Lasting Powers of Attorney

 

This type of LPA lets your attorney make the decisions around your financial or property matters. This may include assisting in money transfers and buying and selling any assets. It is important to highlight that under this LPA your attorney can act for you while you still have capacity, and their power of an attorney will not end if you lose capacity in the future.

2. Health and Welfare Lasting Powers of Attorney

 

This LPA is designed for if the time comes when you can no longer make decisions around your own health and welfare. Attorneys under a Health and Welfare LPA make decisions relating to your personal care, medical consents, and most importantly life-sustaining treatments. This LPA will only be activated upon loss of capacity.

The benefits of having a Lasting Power of Attorney are more than just having someone there to make sure your wishes are fulfilled. Being in possession of a Lasting Power of Attorney ensures that if you are unfortunate enough to receive life-changing injuries due to an accident or medical procedure you will have the satisfaction of knowing your wishes will be dealt with by someone you trust.

In most cases when you do not have, capacity and there is no nominated power of attorney and there are issues surrounding your finances, the Court would have to become involved which is obviously costly and time consuming for all involved.

LPA’s are legal documents and once registered are recognised by all medical and financial institutions. Your designated attorney’s will not have free reign over your affairs and have to abide by strict laws and procedures. Any suspicious, fraudulent or illegal actions can and will be investigated.

We understand that considering these possible events can be quite daunting and no one likes to think that one day they will not be in a position to make their own decisions in the future.

However, we like to think that being prepared for the future and having that peace of mind that all of your affairs are in good hands is the best decision for your future that you can make today. Willsons are a passionate, friendly, local firm that can guide you and make your LPA personal to you and your needs. We can assist in any change in your circumstances and can talk you through all the options available to you.  Willsons will guarantee that your LPA will be a quick and stress free process, with detailed advice explained to you at every step of the way.

To find out more information and how to proceed with obtaining a Lasting Power of Attorney call our Private Client department 02476 387 821.

Find out more information

And how to proceed with obtaining a Lasting Power of Attorney call our Private Client department 02476 387 821.