At Origin Wills, we recognise the importance of planning for the future, ensuring we respect your wishes and keep your affairs in order, even if you’re unable to manage them yourself. One of the most crucial tools in this planning process is the Lasting Power of Attorney (LPA). But why do we use Lasting Power of Attorney, and how can it benefit you and your loved ones? Let’s explore.
The Importance of Lasting Power of Attorney
A Lasting Power of Attorney (LPA) stands as a cornerstone in the realm of personal and estate planning, offering a safeguard for both you and your loved ones. By appointing a trusted attorney, or attorneys, through an LPA, you empower someone you trust to legally make decisions on your behalf should illness, injury, or incapacity prevent you from doing so. This legal instrument splits into two distinct types, each playing a critical role in managing different aspects of your life and welfare.
Health and Welfare LPA
- This type of LPA focuses on your personal well-being, granting your attorney the authority to make decisions regarding your daily care, medical treatment, living arrangements, and even life-sustaining measures. It activates only when you lack the mental capacity to make decisions yourself, ensuring your health and welfare are managed according to your wishes and best interests.
Property and Financial Affairs LPA
- This variant provides your attorney with the ability to handle your financial matters. This includes managing your bank and building society accounts, paying bills, collecting pensions or benefits, and dealing with the sale of your property if required. Unlike the Health and Welfare LPA, you can use this type with your consent while you still have capacity or automatically if you lose capacity.
The significance of having an LPA in place is immense. It ensures management of your affairs according to your preferences and lightens your family members’ burden by providing clear guidance and legal authority for efficient and less stressful management of your affairs.
Furthermore, it avoids the potential complexities and delays of the Court of Protection, which might need to make decisions on your behalf if an LPA is not in place. Establishing an LPA is a proactive step towards securing your future and that of your loved ones, reflecting thoughtful consideration and care for their well-being as well as your own.
Why Use an LPA?
The decision to set up a Lasting Power of Attorney (LPA) is a significant one, offering numerous benefits that extend far beyond the mere management of one’s affairs. It’s a decision that brings comfort, assurance, and security to both the individual setting up the LPA and their loved ones. Here’s a closer look at the key reasons why utilising an LPA is a wise choice:
Peace of Mind
- The foremost advantage of an LPA is the peace of mind it offers. Knowing someone you deeply trust will manage your personal, health-related, or financial affairs when you might be unable to make decisions yourself is immensely reassuring. This assurance also extends to your family members, sparing them the distress and uncertainty of making critical decisions without clear authority during challenging times.
Control
- An LPA empowers you with control over your future, allowing you to designate who will make decisions on your behalf. This guarantees the respect and implementation of your wishes regarding your health, welfare, and financial matters, even if you cannot communicate them yourself.
Flexibility
- The flexibility offered by an LPA is unparalleled. You have the liberty to define the extent of the power granted to your attorney(s), whether they have broad authority to make all decisions or limited power to make only specific decisions. This flexibility lets you customise the LPA to fit your personal preferences and circumstances, ensuring your affairs are managed precisely as you desire.
Protection
- Lastly, an LPA provides a layer of protection, safeguarding your interests by ensuring that any decisions made on your behalf are in your best interest. The Court of Protection’s oversight adds an extra layer of security, ensuring the LPA’s powers are not misused. This protective measure safeguards your well-being and assets, offering further peace of mind to you and your family.
In essence, an LPA is more than just a legal document; it’s a proactive step towards honouring your wishes and protecting your interests. It’s about making a choice today that can significantly impact your future well-being and that of your loved ones, providing clarity, security, and control in situations where you might otherwise have none.
FAQ Section
Q: When does an LPA come into effect?
A: A Property and Financial Affairs LPA can be used as soon as it’s registered, with your permission. A Health and Welfare LPA can only be used once you’ve lost the capacity to make decisions yourself.
Q: Can I cancel my LPA if I change my mind?
A: Yes, as long as you have the mental capacity to do so, you can cancel your LPA.
Q: Who should I choose as my attorney?
A: It’s crucial to choose someone you trust, who understands your wishes, and is willing to take on the responsibility. This can be a family member, a friend, or a professional.
Q: How do I set up an LPA?
A: Setting up an LPA involves choosing your attorney(s), completing the relevant forms, and registering the LPA with the Office of the Public Guardian. Origin Wills can guide you through each step of this process.
Contact Us
For more information on setting up a Lasting Power of Attorney, or to discuss your needs in more detail, please don’t hesitate to contact us.
- Email: reception@originwills.co.uk
- Phone: 020 8777 6767
For further details about our Power of Attorney services, please visit our Power of Attorney Certificate Provider page and our homepage. At Origin Wills, we commit to offering expert guidance and support in setting up Lasting Powers of Attorney, ensuring your future peace of mind. Let us help you navigate this essential aspect of life planning with ease and confidence.