Life can take unexpected turns, and while some paths may bring joy and happiness, others can leave us feeling uncertain and vulnerable about the future. Planning ahead is essential, especially for circumstances when we may not be able to make decisions for ourselves due to illness, injury, or old age.
That’s where the Lasting Power of Attorney (LPA) comes in, a legal document that provides peace of mind and protection for the future. By appointing someone you trust to make decisions on your behalf, should you become unable to do so yourself, an LPA ensures that your wishes are respected and your best interests are upheld.
At RRK Legal, we understand the daunting thought of losing control over our lives. That’s why we’re here to demystify the LPA and help you make informed decisions about the future. In this post, we’ll explore the benefits of an LPA, how it works, and why it’s essential to have one in place. By the end of this article, you’ll have a better understanding of what an LPA entails and how it can benefit you and your loved ones.
What is a Lasting Power of Attorney (LPA)?
Simply put, an LPA is a legal document that allows you (the “donor”) to appoint someone you trust (the “attorney”) to make decisions on your behalf if you become mentally or physically incapable of doing so yourself. It can only be created while you have mental capacity, and it can be revoked at any time if you regain capacity and wish to do so. While the LPA is effective, your chosen attorney(s) must act in your best interests and follow any instructions or preferences you have set out in your LPA. Without an LPA, someone would need to apply to a court to make decisions on your behalf if you were to lose mental capacity.
What decisions can an LPA cover?
There are two types of LPAs in the UK – one for property and financial affairs and the other for health and welfare. The former enables your attorney to make decisions about your finances, including managing your bank accounts, paying bills and your mortgage, handling investments, and selling or renting property on your behalf. The latter allows your attorney to make decisions about your healthcare and welfare, including where you live and are cared for, your medical care and treatment, your daily routine and diet, and your social activities.
What are the benefits of creating an LPA?
Maintain control & dignity
Creating an LPA allows you to retain control and dignity over your affairs, even if you become incapacitated or unable to make decisions for yourself in the future. By appointing someone you trust as your attorney, you can rest assured that your wishes will be respected, and your affairs will be managed in accordance with your best interests. You can choose who you want to appoint as your attorney, what decisions they can make on your behalf, and when their authority should begin, ensuring that your autonomy and independence are maintained.
Protect your financial wellbeing
Without an LPA, it can be challenging for someone to manage your finances on your behalf if you become incapacitated or unable to make decisions for yourself. This can lead to significant problems, including bills not being paid, assets being misused or sold off, or even financial accounts being drained by someone with malicious intentions. However, by appointing someone you trust as your attorney, they have a legal obligation to act in your best interests, and can be held accountable if they fail to do so. This can help ensure that your assets are being managed appropriately and safeguard against any potential misuse or exploitation of your finances.
Avoid legal difficulties & family disputes
Creating an LPA can also help prevent potential legal difficulties and family disputes that might arise if you don’t have one in place. Without an LPA, your loved ones may need to go through a lengthy and costly legal process through the courts to obtain the authority to make decisions for you. This process can be complex and stressful, especially during an already challenging time, and may also lead to disagreements between family members about who should be appointed as your decision-maker. By creating an LPA, you can choose who you want to appoint as your attorney, and avoid the potential for family disputes and legal complications.
Timely decision making
Another essential benefit of creating an LPA is the ability to make timely decisions. In the event that you become unable to make decisions for yourself, having an LPA in place means that your appointed attorney can act quickly, without the need for costly and time-consuming court proceedings. This is especially important when time is of the essence. For example, in the case of a medical emergency, your attorney can quickly make decisions regarding your medical care, ensuring that you receive the treatment you need promptly. Without an LPA, the process of appointing a decision-maker can take a long time, and in some cases, the decision-making process may be delayed or even halted entirely, leaving you vulnerable and without the care and support you need.
Secure your future with a Lasting Power of Attorney
In conclusion, a Lasting Power of Attorney is a powerful legal tool that can provide peace of mind and security for you and your loved ones. By appointing someone you trust to make decisions on your behalf, you can ensure that your wishes are respected, and your affairs are managed in the way you want. It’s never too early to create an LPA, and whilst many of us may assume that this is something we don’t need to worry about yet, the truth is that none of us know what the future holds.
At RRK Legal, our expert estate planning team can guide you through the process of creating an LPA without stress, worry or hassle, and we’re here for you every step of the way. To find out more, visit our Powers of Attorney webpage or contact us today at https://rrklegal.co.uk/contact-us/. We are based in Birmingham and serve clients all over the West Midlands, Worcestershire, Staffordshire, Warwickshire and beyond!
Website: www.rrklegal.co.uk
Email: info@rrklegal.co.uk
Telephone: 01215460771
