The prospect of losing decision-making abilities and control over personal matters, whether due to illness or an unforeseen event, can be a daunting reality to face. To ensure that your best interests are protected when the unexpected arises, establishing a Lasting Power of Attorney (LPA) is a crucial step in safeguarding your autonomy and securing your preferred choices. An LPA enables you to appoint a trusted individual to act on your behalf should you become unable to make decisions independently.
An LPA is a legal document that allows you, the ‘donor’, to designate one or more trusted persons, known as ‘attorneys’, to manage your affairs and make decisions on your behalf if you become unable to do so. There are two types of LPAs available: Property and Financial Affairs LPA, and Health and Welfare LPA. By putting these measures in place, you can maintain control over your personal matters, even in the most challenging circumstances.
In this comprehensive guide to navigating the LPA process, we will explore both types of LPAs, discuss the essential steps in creating and registering an LPA, and outline the crucial elements to consider when appointing attorneys. By familiarising yourself with the complexities of the LPA process, you will be well-equipped to make informed decisions that truly reflect your preferences and uphold your best interests.
1. Understanding the Types of Lasting Powers of Attorney
There are two types of LPAs available, each serving different purposes and established to cover different aspects of your life:
– Property and Financial Affairs LPA: This type of LPA provides your attorney with the authority to handle financial matters, such as managing your bank accounts and investments, paying bills, or selling your property, on your behalf.
– Health and Welfare LPA: This LPA pertains to your healthcare decisions and wellbeing, allowing your attorney to make decisions about medical treatment, care home arrangements, and daily routines in the event of your incapacitation.
It is crucial to note that you can have both types of LPAs in place and appoint different attorneys for each, creating a comprehensive framework for safeguarding your interests and upholding your autonomy across all aspects of your life.
2. Creating and Registering Lasting Powers of Attorney
The process of establishing an LPA consists of three primary steps:
– Choose Your Attorney(s): Carefully select one or multiple trusted persons to act as your attorney(s). Consider their reliability, understanding of your preferences, and their ability to make responsible decisions on your behalf.
– Complete LPA Forms: Fill out the relevant LPA forms with the necessary legal provisions, detailing your attorney(s) and outlining any specific restrictions or instructions. Ensure the document is signed by all relevant parties and witnessed accordingly.
– Register the LPA: Submit your completed LPA forms to the Office of the Public Guardian (OPG) for registration. Bear in mind that there may be registration fees to take care of as well.
3. Appointment Considerations and Trustworthy Attorneys
When appointing an attorney, consider these key elements to ensure a person genuinely capable and reliable will handle your affairs:
– Relationship and Trust: Choose a person with whom you have a strong relational bond and full trust, such as a family member or close friend.
– Decision-making Abilities: Ensure your attorney has the practical skills and emotional fortitude to make difficult decisions on your behalf, particularly during challenging times.
– Availability and Commitment: Appoint an attorney who has the time and dedication required to properly manage your affairs and respect your preferences.
– Multiple Attorneys: Designate more than one attorney to manage your LPA to mitigate the risk of mismanagement or abuse and ensure a more comprehensive perspective on your decision-making.
4. Safeguards and Precautions in the LPA Process
Incorporating safeguards and precautions into your LPA can protect you, your assets, and your personal choices:
– Limitations and Instructions: Specify in your LPA documents any limitations or instructions you want your attorney(s) to adhere to, ensuring they cannot act beyond their mandated capacity.
– Replacement Attorneys: Appoint back-up attorneys to step in if needed, ensuring a contingency plan is in place to preserve the continuation of your LPA.
– Notification of Registration: Request for certain individuals to be notified when you apply to register your LPA, offering an additional level of scrutiny and protection.
Conclusion
Establishing a Lasting Power of Attorney is an essential pre-emptive step in safeguarding your interests, autonomy, and decision-making rights in the face of unforeseen circumstances. By understanding the types of LPAs, the creation and registration process, and the critical factors in appointing a trusted attorney, you can ensure that your choices will be respected and your interests protected, no matter what the future holds.
Allow our team of professional estate planners at Sovereign Planning to guide you through the LPA process, offering expert advice on choosing the right attorney, drafting a legally sound document, and ensuring proper registration. Contact us today to discuss how we can help you put your LPA in place, providing you with the peace of mind of knowing that your choices will be honoured and your affairs professionally managed in the most testing of times.
