As we enter the new year, it’s the perfect time to think about securing your future, not just through fitness goals or financial planning, but by ensuring your health and wellbeing are protected, too. One often overlooked but crucial legal document to consider is a Lasting Power of Attorney (LPA). While many people focus on writing a Will, LPAs are just as important in safeguarding your interests during your lifetime if you’re unable to make decisions for yourself.
What is a Lasting Power of Attorney?
An LPA is a legal document that allows you to appoint someone (called an “attorney”) to make decisions on your behalf if you’re no longer able to do so.
There are two types of LPAs:
- A Financial LPA enables someone to manage your money, pay bills, or handle investments, or sell or purchase property.
- A Healthcare & Welfare LPA empowers your attorneys to make decisions about your medical care, including treatment options and where you live, if you lose the mental capacity to make these choices yourself.
Why Should You Have One?
It’s easy to assume that this won’t be necessary until later in life, but unexpected events can happen to anyone. Whether this is due to illness, injury, or an accident, you could suddenly find yourself unable to make important decisions. In such a case, without an LPA in place, your family would have to apply to the court to be appointed as your decision-maker, often a lengthy, expensive, and stressful process. Having an LPA in place ensures that someone you trust can step in without unnecessary delays, ensuring your wishes are followed.
The Benefits of Having an LPA
- Peace of Mind: With an LPA, you choose who will act on your behalf, ensuring that the person making decisions is someone you trust. It also prevents the uncertainty of having someone else (such as a court-appointed deputy) making decisions for you.
- Avoid Family Disputes: Clear instructions in your LPA can help prevent conflicts among family members about what your wishes are, especially in difficult situations.
- Flexibility: You can decide when the LPA becomes active—whether immediately or only if you become unable to make decisions. This flexibility allows you to retain control over your affairs for as long as possible.
How to Create an LPA
Creating an LPA is a straightforward process, but it does require careful thought. Before speaking to a solicitor, you will need to decide who to appoint as your attorney and what decisions they can make on your behalf. The solicitor will then ensure everything is set up properly, especially since the LPA needs to be registered with the Office of the Public Guardian before it can be used.
Make 2025 the Year You Plan for the Unexpected
Taking the time to set up an LPA now will bring peace of mind, knowing you have taken steps to protect yourself and your family in case of an emergency. It’s a small task that can make a significant difference if the unexpected ever happens. Don’t let another year pass by without making this vital part of your estate planning a priority.
How Can JMP Solicitors Help You?
If you need advice or help with LPAs, we can assist. Call Kerry on 01476 565 295 or email [email protected] for a friendly chat about how we can help you get your affairs in order.
