What is a Lasting Power of Attorney

A Lasting Power of Attorney (LPA) is a legal document which allows you to appoint one or more attorneys to make decisions on your behalf or to assist you in making decisions. This arrangement ensures that your wishes are respected, and your affairs are managed according to your preferences even if you become unable to make decisions yourself.

There are two primary types of LPA:

1. Health and Welfare LPA
This deals with decisions related to your medical care, daily routine and even life-sustaining treatments.

2. Property and Financial Affairs LPA
This deals with decisions about your finances, including managing bank accounts, paying bills, and even selling your home if necessary.

You can choose to set up one or both types of LPA depending on your needs.

Top five reasons why making a LPA is a smart move

1 .Control Over Your Future
One of the most compelling reasons to create an LPA is the ability to decide who will manage your affairs if you become incapacitated. This proactive step can prevent potential disputes among family members and loved ones. When you appoint an attorney, you make your intentions clear on who should take responsibility for your decisions. By making your choices known you can help maintain harmony within your family during challenging times.

2. Clear Guidance for Your Attorneys
When you create an LPA you can provide specific instructions and guidance to your attorneys. This can include how you would like your finances managed, what types of medical treatments you prefer or any other personal preferences. By outlining your wishes in advance, you make it easier for your attorneys to carry out their duties effectively and in accordance with your values.

3. Flexibility in Appointing Attorneys
An LPA offers considerable flexibility in terms of the number of attorneys you can appoint. There is no limit to how many people you can choose to act on your behalf. This means you can designate backup attorneys in case your first choice is unable or unwilling to act. You can also specify how your attorneys should work together, whether they must act jointly on all matters or if they can act independently ensuring continuous management of your affairs in the event of death or sickness of an attorney

4.Cost-Effective and Less Intrusive
Establishing an LPA while you still have the capacity to do so is both more cost-effective and less intrusive than having your loved ones apply for a Deputyship Order which involves a lengthy and often expensive court process. Additionally, the court will make the final decision on who should be appointed as your deputy, which might not align with your preferences. By creating an LPA, you avoid this uncertainty and retain control over who will manage your affairs.

5. Revocability
As long as you have the mental capacity, you can revoke or amend your LPA at any time. This means that you are not locked into your decision and can adapt your plans as needed. This provides peace of mind and the freedom to make changes if necessary.

What happens if you don’t make a LPA?

If you lose the capacity to make your own decisions and you don’t have a valid LPA in place, then someone will need to apply to the Court of Protection to have a Deputy appointed. It is a common misconception that partners or close family members will automatically be given the right to make decisions on your behalf should anything happened to you. This is not the case. A deputyship application can take several months to put in place, during which time your financial affairs cannot be dealt with and is costly. The court can only appoint health and welfare deputies in extraordinary circumstances.

How we can help

Don’t leave the management of your affairs to chance. By making a LPA you ensure that your wishes are carried out by people you trust according to your instructions. If you are ready to take this important step please contact Patrice Lawrence our specialist Wills & Probate lawyer, to discuss your options and get started on securing your future. Call 020 3440 8000 or email Patrice.lawrence@tvedwards.com.

Disclaimer: The information on the TV Edwards website is for general information only and reflects the position at the date of publication.