Understanding Lasting Powers of Attorney: What they are and why you should have them
Understanding Lasting Powers of Attorney: What they are and why you should have them
Tom Bridge, Wills, Trusts & Estates
Lasting Powers of Attorney (LPAs) are vital legal documents that empower you, the “donor,” to designate one or more trusted individuals, known as “attorneys,” to make decisions on your behalf if you become unable to do so yourself. This proactive measure ensures that your personal and financial affairs are managed according to your wishes, even if you lose the capacity.
There are two main types of LPAs:
1. Property and Financial Affairs LPA: This type allows your attorney to manage your finances, including paying bills, managing bank accounts, and selling property.
2. Health and Welfare LPA: This type covers health and personal welfare decisions, such as medical treatment and living arrangements.
You can appoint different attorneys for each type of LPA, providing flexibility and ensuring that the right people with the appropriate expertise handle specific areas of your life.
Benefits of having an LPA
Having an LPA in place provides significant peace of mind, ensuring your affairs are managed by trusted individuals according to your wishes. You can specify how you want your finances handled or what medical treatments you prefer if you lose capacity, offering invaluable control during challenging times. LPAs allow you to include both preferences and legally binding instructions for your attorneys, ensuring your values and desires are respected.
Avoiding court applications
One of the significant benefits of having an LPA is avoiding the costly and time-consuming court application for a Deputyship, where the Court of Protection would appoint a Deputy to manage your affairs.
LPAs are essential for safeguarding your future, ensuring your affairs are managed by trusted individuals according to your wishes, and helping avoid the complexities and costs associated with court applications.
To find out how Tom can help you get an LPA in place, please get in touch.
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