A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint someone you trust to make decisions on your behalf if you become unable to do so yourself.
Types of LPA
There are two types of LPA:
Property and Financial Affairs LPA: This allows your chosen attorney to manage your bank accounts, pay bills, collect your pension or benefits, and sell your property.
Health and Welfare LPA: This covers decisions about your daily routine, medical care, where you live, and life-sustaining treatment.
Why Is It Important?
Without an LPA, if you lose mental capacity, your family would need to apply to the Court of Protection to manage your affairs. This process is expensive, time-consuming, and stressful.
With an LPA in place, your chosen attorney can step in immediately, ensuring your affairs are managed by someone you trust without the need for court intervention.
When Should You Set Up an LPA?
The best time to set up an LPA is while you are healthy and have full mental capacity. You cannot create an LPA once you have lost capacity.
Contact Sovereign Planning to set up your LPA today.
