There are two different types of Lasting Powers of Attorney – one for Property and Finance Affairs and one for Health and Welfare. Lasting Powers of Attorney are very important. here are five reasons why your should have a Lasting Powers of Attorney.
What is a Lasting Powers of Attorney?
A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint one or more trusted individuals (known as attorneys) to make decisions on your behalf, should you lose the ability to do so yourself in the future. There are two types of LPAs: one for financial and property matters, and the other for health and welfare decisions. Having an LPA in place ensures that someone you trust can manage your affairs and make important decisions, in line with your wishes, if you are unable to do so due to illness, injury, or incapacity.
Reason 1: With a Lasting Powers of Attorney You Can Choose Who You Wish to Appoint to Act as Your Attorney
In the Lasting Powers of Attorney, you must choose who you want to appoint to act on your behalf. You can appoint just one person to act as Attorney or several people, but it is important that you appoint people that you Trust. In the Property and Finance Lasting Power of Attorney your attorney will manage your finances (including possibly selling your house) and in the Health and Welfare your attorney can make decisions about your health and welfare, including medical treatment, care home arrangements, and life-sustaining treatment. These are all significant decisions and so it is all the more important that you are able to choose who you wish to appoint.
Reason 2: A Lasting Powers of Attorney Allows You to Include Specific Instructions and Preferences
In both Lasting Powers of Attorney, there is opportunity for you to include specific instructions or preferences for your Attorneys. Instructions are binding, and your Attorneys must follow them. This may include, for example, requirements about medical treatment or an instruction not to sell a home you intend to leave as a specific gift to someone. A preference, on the other hand, is something the Attorneys must take into consideration but are not obliged to follow.
Reason 3: A Lasting Powers of Attorney Gives You Flexibility And Control
The two points discussed above offer you flexibility and control. However, it is important to stress that all decisions that need to be made in respect of Lasting Powers of Attorneys, remain yours to make. For example, you can choose whether you want to do one type of Lasting Power of Attorney of if you want to do both. If you want to appoint more than one Attorney, you are able to choose how they act together. You are also able to appoint replacement Attorneys or completely different Attorneys in each of the different documents. The most important factor being that the decisions are yours to make, which would not be the case if you lost capacity.
Reason 4: A Lasting Powers of Attorney Could Save You Money In The Long Run
If you do not have Lasting Powers of Attorney in place when you lose capacity, then somebody may need to make an application to the Court of Protection to take out what is known as a Deputyship Order. Obtaining a Deputyship Order is often expensive and can be a long process and until the order to granted, your family would be unable to make decisions on your behalf. When considering such an application, the Court will do their utmost to act in your best interests but there is no guarantee that the Court would make the decision that you would have wished for.
Reason 5: Peace of mind
The importance of putting Lasting Powers of Attorney in place is often overlooked as people focus more on their Will and what happens to their assets after they are gone. However, Lasting Powers of Attorney are equally important as they are used during your lifetime and your Attorneys will make decisions for you whilst you are still alive. Losing mental capacity is something that can happen to anyone at any point in the future and can happen suddenly and by the time you need it, it may be too late. If you prepare Lasting Powers of Attorney now, this offers you peace of mind in knowing that they are there to be used as and when they are required.
If you are ready to put Lasting Powers of Attorney in place and would like help and advice from one of our expert Private Client solicitors, then please contact us to discuss your needs further and to make an appointment.
A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint someone (known as an “attorney”) to make decisions on your behalf if you become unable to do so yourself due to illness or incapacity. There are two types of LPA: one for health and welfare decisions and one for property and financial decisions. Having an LPA in place ensures that your wishes are respected and that someone you trust can make important decisions for you when needed.
You can appoint anyone as your attorney, but they must be over the age of 18 and have the mental capacity to make decisions on your behalf. You should choose someone you trust, as they will be responsible for making important decisions regarding your health, welfare, or finances. It’s common to appoint close family members or trusted friends, but you can also choose a professional, such as a solicitor, if preferred. If you appoint more than one attorney, you can specify whether they need to act together or independently.
While it’s not a legal requirement to use a solicitor to create an LPA, it is advisable, especially if your circumstances are complex. A solicitor can help ensure that the LPA is drafted correctly, explain the different types of LPAs, and offer guidance on choosing suitable attorneys. Additionally, if you have concerns about the process or want extra peace of mind, a solicitor can make sure everything is legally sound and minimise the risk of future disputes.
Contact us
☎️ Call our Wakefield office on 01924 290 029
☎️ Call our Garforth office on 0113 246 4423
☎️ Call our Sherburn in Elmet office on 01977 350 500
☎️ Call our Ossett office on 01924 586 466
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
