20/07/2020
Why prepare a lasting power of attorney?
Lasting powers of attorney (LPAs) are legal documents allowing nominated attorneys to act on behalf of a donor. The main reason to prepare an LPA is to have peace of mind. In the event that you lose mental capacity (the ability to make your own decisions) someone you trust can step in to make decisions for you. Contrary to popular belief, your loved ones can’t automatically make decisions on your behalf when you lose mental capacity. Having an LPA in place allows your nominated attorneys to help you to make important decisions about your life, or make these decisions on your behalf if needed. For example, health and welfare LPAs can be invaluable for the relatives of people with Alzheimer’s disease or dementia, as they can make the best decisions about the care the donor receives.
Property and financial affairs LPAs can be used before you lose mental capacity if you choose, which can come in handy in a number of situations. For example, if you’re on holiday, or in hospital, your attorneys can handle any urgent financial matters that arise.
Finally, preparing a lasting power of attorney well in advance can save you a lot of headaches and money in the long run. If you wait until after a loved one has lost mental capacity, you won’t be able to make an LPA. Instead you will need to go through a court process to apply for a deputyship, which can cost a lot more and take a lot longer to start using. If you have an LPA in place, however, your attorneys can look after your affairs as soon as the need arises.
You can find out a lot more about preparing lasting powers of attorney on our website:
www.libralegal.co.uk
If you have any questions about preparing an LPA, send an email to [email protected] or send us a message on Facebook.
Libra Legal helps you to quickly create lasting power of attorney (LPA) documents for health and welfare and property and financial affairs LPAs in the UK.