Creating a Lasting Power of Attorney (LPA) is an important step in planning for the future. It allows you to choose someone you trust to make decisions on your behalf if you become unable to do so. This document is vital for ensuring your wishes are respected and your affairs are managed according to your preferences.
Many people overlook the importance of having an LPA, thinking it won’t happen to them. However, accidents or illnesses can occur unexpectedly, and having an LPA in place can provide peace of mind. It’s about taking control of your future and making sure your loved ones know how to carry out your wishes.
Understanding Lasting Power of Attorney
A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint someone to make decisions on your behalf. This person is called an attorney, and their power can cover two areas: health and welfare, and property and financial affairs. By setting up an LPA, you ensure that someone you trust can step in if you’re unable to make decisions due to illness, injury, or old age.
There are two types of LPA: one for health and welfare, and another for property and financial affairs. The health and welfare LPA covers decisions about medical care, daily routines, and life-sustaining treatments. The property and financial affairs LPA includes managing bank accounts, paying bills, and buying or selling property. You can choose to make both types of LPAs or just one, depending on your needs.
Creating an LPA helps avoid legal complications and ensures your personal wishes are followed. Without an LPA, decisions might be made by people who don’t fully understand your preferences or by a court-appointed deputy. This can lead to delays and stress for your family. Having a well-prepared LPA in place provides peace of mind knowing that your affairs will be handled according to your instructions.
Steps to Set Up a Lasting Power of Attorney
Setting up a Lasting Power of Attorney involves several steps, but it’s easier than you might think. The process starts with choosing the right forms. You need to select the appropriate LPA forms depending on whether you want to cover health and welfare, property and financial affairs, or both.
1. Choose Your Forms: Decide which type of LPA you need and get the correct forms. These can be downloaded from the government website or obtained through a solicitor.
2. Fill in the Forms: Complete the forms with your details. You will need to provide information about yourself and the person you want to appoint as your attorney. This includes their full name, address, and date of birth.
3. Sign and Witness: Your LPA forms must be signed by both you and your attorney. A witness needs to be present when you and your attorney sign the documents. The witness must not be the person you are appointing as your attorney.
4. Get a Certificate Provider: A certificate provider is someone who confirms that you understand what the LPA means and that no one is forcing you to make it. This can be a solicitor, doctor, or someone who has known you well for at least two years.
5. Register with the Office of the Public Guardian: To make your LPA official, you need to register it with the Office of the Public Guardian. There is a registration fee, and the process can take up to ten weeks. Once registered, the LPA becomes a legal document, and your attorney can act on your behalf when needed.
Following these steps carefully ensures your LPA is legally valid and ready to use if and when needed.
Choosing the Right Attorney
Selecting the right person to act as your attorney is a critical part of setting up a Lasting Power of Attorney (LPA). This person will have significant responsibilities, so it’s important to choose someone you trust completely. Think about their reliability, financial savvy, and ability to handle complicated decisions under pressure.
First, consider someone who knows you well and understands your values and wishes. This can be a close family member or a good friend. Make sure they are willing to take on the role and understand what it entails. Have an open and honest discussion about your expectations and the decisions they might have to make.
Next, evaluate their skills and abilities. For a property and financial affairs LPA, choose someone who is good with money and detail-oriented. For a health and welfare LPA, consider someone who can make balanced and thoughtful decisions about your personal care and medical treatment.
It might also be wise to appoint more than one attorney. You can choose them to act together, where they must agree on all decisions, or jointly and severally, where they can make decisions independently. This can provide additional security and assurance that your affairs will be managed effectively.
Benefits of Having a Lasting Power of Attorney
Having an LPA brings numerous benefits. One of the main advantages is the peace of mind it offers. Knowing that someone you trust will manage your affairs if you become incapacitated can relieve stress for both you and your loved ones. You can rest assured that your financial and personal matters will be handled as you wish.
Another benefit is that it avoids the complications and delays that can arise without an LPA. If you lose the ability to make decisions and don’t have an LPA in place, your family might need to go to court to get the authority to manage your affairs. This process can be lengthy, costly, and emotionally draining. An LPA simplifies the process and ensures immediate action can be taken when necessary.
Additionally, an LPA allows you to tailor instructions to your preferences. You can specify how you want certain matters to be handled, such as financial investments or medical treatments. This customisation ensures that your unique wishes and preferences are followed, giving you greater control over your future.
Conclusion
Creating a Lasting Power of Attorney is a proactive way to protect yourself and your loved ones. It ensures that your decisions on important matters, like your health and finances, are carried out by someone you trust. An LPA simplifies the process of managing your affairs during difficult times and reduces the risk of conflicts or delays.
Remember, it’s crucial to choose the right person to act on your behalf. This person should understand your values and be capable of making significant decisions under pressure. Whether you need an LPA for property and financial affairs, health and welfare, or both, making well-informed choices is key.
At Sovereign Planning, we can guide you through the entire process of setting up an LPA, ensuring your future is secure and your wishes are honoured. Contact us today to learn more about how our professional will writing service can assist you.
