Understanding what a lasting power of attorney (LPA) is and why it matters can make a big difference in your future planning. An LPA is a legal document that lets you appoint someone to make decisions on your behalf if you are unable to do so. This could be due to illness, an accident, or simply getting older. It’s a way to make sure that your wishes are followed even if you can’t express them yourself.
Setting up an LPA might seem complicated, but it doesn’t have to be. With the right information, you can complete this important task with confidence. It’s about choosing the right person, filling out the correct paperwork, and making sure everything is registered properly. These steps ensure that your loved ones are prepared to help you when you need it most.
In this guide, we will walk you through each step to set up a lasting power of attorney. From understanding what it is, to choosing the right person to be your attorney, filling out the forms, and getting everything registered. By the end, you will have a clear plan to protect your future and ensure that your wishes are respected.
Understanding Lasting Power of Attorney
A lasting power of attorney (LPA) is a powerful legal document that allows you to choose someone to make decisions for you if you can’t make them yourself. There are two types of LPAs. One covers health and welfare decisions, such as medical care and living arrangements. The other covers property and financial affairs, allowing your attorney to manage your bank accounts, pay bills, and even sell your home if needed.
Setting up an LPA ensures that your wishes are followed during times when you might not be able to communicate them. This could be due to an illness, an accident, or any situation where you lose the ability to make decisions for yourself. Having an LPA in place can give you peace of mind, knowing that someone you trust will take care of important matters.
An LPA must be set up while you are capable of understanding and making your own decisions. It’s a precautionary measure that can protect your interests and help your loved ones make the right choices on your behalf. Creating an LPA isn’t just for older people or those with health problems; it’s a smart step for anyone wanting to ensure their wishes are respected in any future scenario.
Choosing the Right Attorney
Choosing the right person to act as your attorney is one of the most important decisions you’ll make when setting up an LPA. Your attorney will have significant power, so it’s crucial they are someone you trust completely. Here are some key qualities to consider:
1. Trustworthiness: Your attorney should be someone who is honest and reliable. They will have access to your personal information and assets, so it’s essential you can trust them to act in your best interest.
2. Responsibility: Choose a person who is responsible and organised. Managing financial affairs or making health decisions requires someone who can handle these tasks with care and attention to detail.
3. Understanding: Your attorney should understand your values and wishes. They need to be willing to respect and follow your instructions even if they personally disagree with your decisions.
4. Availability: It’s important that your attorney is available when needed. They must be able to act quickly in an emergency, so consider someone who can commit the time required.
5. Communication Skills: Good communication is key. Your attorney will need to talk with doctors, banks, and other professionals. Being able to communicate effectively ensures your wishes are carried out properly.
By carefully considering who to appoint as your attorney, you can ensure that you choose someone capable and willing to make the right choices for you. This decision ensures your LPA works as intended, giving you confidence that your interests are protected.
Filling Out the Necessary Forms
Filling out the forms for a lasting power of attorney (LPA) might seem like a daunting task, but taking it step by step makes it manageable. The forms you need depend on whether you’re setting up one for health and welfare or property and financial affairs. You can get these forms from the government website or your local office.
Here’s a simple guide to help you:
1. Personal Details: Fill out your details, including your name, address, and date of birth. Then, add the details of your chosen attorney(s). You can appoint more than one person, and they can act together, separately, or in a mix of ways.
2. Decision Making: Specify the type of LPA you are creating. For a health and welfare LPA, detail any specific instructions or preferences. For a property and financial affairs LPA, outline which decisions your attorney(s) can make.
3. Witnesses and Certificates: You will need someone to sign as your witness. This cannot be your attorney. Also, a “certificate provider” needs to confirm that you understand what the LPA means and are not under pressure to sign. This can be someone who has known you for at least two years or a professional like a doctor.
4. Signatures: Ensure all relevant parties sign the form. This includes you, your attorney(s), witnesses, and the certificate provider. Carefully follow the instructions to avoid any mistakes.
Taking your time to complete the forms accurately is crucial. Mistakes can cause delays, so double-check everything before moving to the next step.
Registering Your Lasting Power of Attorney
Once you’ve filled out the necessary forms, the final step is to register your lasting power of attorney (LPA). Registration makes it official and allows your attorney(s) to act on your behalf when needed. Without registration, the document cannot be used.
Follow these steps to register:
1. Submit the Forms: Send the completed forms to the Office of the Public Guardian (OPG). Include the registration fee, which is required to process your LPA. The fee may change, so it’s a good idea to check the current amount beforehand.
2. Notification: Inform relevant people about the LPA registration. You need to notify the people named on the form that you are submitting it for registration. This is a safeguard to ensure that everyone involved is aware and agrees.
3. Processing Time: Once submitted, the registration process can take up to 10 weeks. During this time, the OPG checks the forms for accuracy and completeness. If everything is in order, they will officially register the LPA.
4. Confirmation: You will receive a confirmation once the LPA is registered. Keep this document safe, as it confirms the legal standing of the LPA. You and your attorney(s) can now use it when necessary.
Registering your LPA is a crucial step. It ensures that everything is authorised and ready, giving you peace of mind that your affairs will be managed according to your wishes.
Conclusion
Setting up a lasting power of attorney is a responsible and proactive step to take in 2024. It ensures that someone you trust can make important decisions on your behalf if you cannot. From understanding what an LPA is, to choosing the right person, filling out the necessary forms, and finally registering it, each step is essential to protect your interests and those of your loved ones.
At Sovereign Planning, we understand the importance of making sure your wishes are respected and your future is secure. If you need expert guidance or personalised support while setting up your lasting power of attorney, we are here to help.
Contact Sovereign Planning today to ensure your lasting power of attorney is set up correctly and efficiently. Let us help you safeguard your future.
