What does a Lasting Power of Attorney do?
A Power of Attorney (LPA) is probably just as important as your Will.
An LPA appoints an individual to serve as the ‘attorney’ or legal representative of someone who has become incapacitated due to being rendered incapable of deciding or communicating their own wishes. These decisions include financial arrangements and property decisions, for which a Property & Financial Lasting Power of Attorney is required or medical & healthcare decisions for which a Health & Welfare Lasting Power of Attorney is required.
Reasons why you should have a Lasting Power of Attorney:
You make the decision now and maintain control:
You choose the person you want as your attorney. If you’re incapacitated without an LPA, decision-making responsibilities can be awarded to anyone.
Advise your attorneys or state the limits of their powers whilst you still have capacity:
If you want to limit the control of your LPA, you can do so. You can add preferences, which guide the attorneys or Instructions that must be followed by the attorneys.
You cannot be coerced:
Any new LPA must be discussed with a certificate provider, which is either a professional or someone you trust, who must verify that you know what you are agreeing to and that you have not been coerced into signing.
The clues in the name:
A Lasting Power of Attorney lasts beyond the point of incapacity and looks after you and your choices if you are no longer able to.
You can have multiple attorneys:
You’re able to name multiple attorneys who can make decisions together or separately.
Financial influence is capped:
Financial gifts are capped. A court order will be needed to approve more sizeable gifts of your money to other people, protecting your finance.
Peace of mind:
Imagine being left unable to communicate your wishes, it’s not nice to think about but it’s important to do so. A Power of Attorney is the best way to protect yourself in that terrible situation.
If you would like to speak to one of our experts about drawing up an LPA, ring us on 01603 927273 or email us at [email protected]