Planning for the Future: Understanding Lasting Power of Attorney

Your Wills Team
Oct 6
2 min read

Updated: Oct 14

When it comes to planning for the future, understanding a Lasting Power of Attorney (LPA) is crucial. This legal document allows you to appoint someone you trust to manage your finances and affairs if you are unable to do so yourself. This could be due to a loss of mental capacity or being away from the country for an extended period.

Why Consider a Lasting Power of Attorney?

Having an LPA in place ensures that your wishes are respected. It provides peace of mind knowing that someone you trust will handle your affairs. Here are some key reasons to consider setting up an LPA:

Control: You choose who will make decisions on your behalf.
Trust: You can select someone who understands your financial preferences and your welfare and care needs.
Flexibility: You can specify what decisions your attorneys can make.

Key Questions to Consider

Before setting up an LPA, think about the following questions:

Who do you trust completely with your finances? Would they make the same decisions as you?
Do they understand financial matters? It's essential that your chosen attorney has a good grasp of money management.
Who do you trust completely with your health and care? Would they make decisions in your best interest?

What Can Attorneys Do?

Attorneys have the authority to perform various tasks, including:

Paying bills
Managing investments
Selling property (with certain restrictions)
Make important decisions about your health and care needs

The Role of Your Wills Team

Your Wills Team can help set up an LPA that protects you while giving attorneys the right authority. We understand that planning for the future can feel overwhelming, but we are here to make it easier. Our professional legal services are designed to help you protect your loved ones and assets from the comfort of your home.

How to Get Started

Getting started with your LPA is straightforward. Here’s a simple guide:

Identify your attorneys: Choose individuals you trust.
Decide on the type of LPA: There are two types – one for health and welfare, and one for property and financial affairs. If you are unsure if you need both LPAs, our team can guide you through the decision-making process
Contact Us for assistance in arranging and registering the LPAs- info@yourlegalteam.org.uk

Conclusion

Planning for the future is essential. A Lasting Power of Attorney can provide you with the security and peace of mind you need. By appointing trusted individuals to manage your affairs, you ensure that your wishes are carried out, even when you cannot do so yourself.

If you have questions or need assistance, please reach out to us at info@yourlegalteam.org.uk. We are here to help you every step of the way.