A lasting power of attorney is an excellent way to provide yourself with peace of mind with regard to the future. Let’s explore some of the main benefits of an LPA and how best to make one.
What is an LPA?
This legal document enables you to appoint one or more people to act on your behalf if you no longer have capacity.
There are two types of LPAs, and it is generally recommended to take out both. A financial LPA covers all decisions regarding the management of your money and your home, whereas a health and wellbeing LPA covers decisions regarding your medical treatment, health, and lifestyle.
You can appoint different attorneys for each LPA if you think certain people are better suited to a particular role.
Do you need an LPA if you have a will?
A will sets out what happens to your property and accounts after you die. An LPA will apply during your lifetime and will ensure your best interests are managed if you no longer have capacity.
If you are interested in taking out an LPA online, you may find it helpful to browse the resources on specialist websites such as https://powerofattorneyonline.co.uk.
What happens if you don’t have an LPA?
If you experience an illness or have an accident that results in an inability to look after your own affairs, your next of kin will not automatically be able to make important decisions on your behalf. Instead, they would need to apply to become a deputy, which can be an expensive and long legal process.