Future planning is essential. It is important to create Lasting Powers of Attorney (LPA) to enable control over your affairs to be maintained, even if you become unable to make decisions yourself.
A Lasting Power of Attorney is a legal document that allows an individual (the donor) to appoint one or more individuals that they trust (the attorneys) to manage their affairs on their behalf. There are two types of LPAs: Property and Financial Affairs LPA and Health and Welfare LPA.
The main point of an LPA is that if the donor loses mental capacity or cannot physically handle their affairs, then their chosen attorney(s) can step in and make decisions for them, keeping their best interests and wishes in mind. By creating an LPA, individuals can therefore have peace of mind knowing that their affairs will be handled in accordance with their wishes.
Some key benefits of creating an LPA include peace of mind, decision-making control and avoiding the intervention of the court. An LPA allows you to name the individuals you want to make decisions on your behalf. They also eliminate the need for court intervention which is both more time consuming and costly.
By creating LPAs, you take proactive steps to safeguard your future and ensuring your wishes are respected in challenging circumstances. If you’re interested in creating LPAs, please contact our Private Client team on 01724 854000.