6 reasons to set up a Lasting Power of Attorney

Whilst it may not be something we want to think about, it’s important to make sure if anything were to happen, someone you trust has the legal right to make decisions on your behalf by setting up a Lasting Power of Attorney (LPA).

Here are the two types of LPA:

Property and Financial Affairs – this means your chosen family member/friend has the power to make financial decisions for you.

Health and Welfare – this allows them to make decisions regarding your medical and daily care needs.

There are several positives to making sure you have an LPA set up, so we’ve asked Suzanne, Chartered Financial Planner, to explain what the benefits are…

Confidence for the future

The first benefit is the impact on your mental health, if anything were to happen to you, you don’t want to have to worry about who will be taking care of you and your money on top of that.

Setting up an LPA gives you peace of mind that decisions are in the hands of somebody who will make the right choices for you.

Less potential for family conflict

A family member losing capacity is distressing, so with emotions running high it is possible that those who care about you all feel they know what is right and that they should be in charge of any decisions, which could lead to disputes.

If this is decided in advance and your wishes are clear, there is less chance of arguments and misunderstandings.

Make sure your wishes are carried out

If you already have an idea of what kinds of decisions you’d want making on your behalf, you can make this known to your power of attorney, so they know what to do in certain circumstances, ensuring that your preferences are followed.

Avoid costly and expensive legal proceedings

If you don’t have an LPA set up, then loved ones may have to go to court to apply for the right to manage your finances and health care.

This can be extremely expensive and complex, which can be emotionally draining on top of dealing with you being unwell.

You can choose your attorney

This doesn’t have to be a next of kin, you can choose whoever you feel is best suited to become your attorney, this could be a family member, friend, or a trusted professional such as a solicitor.

LPAs are flexible

Your LPA isn’t set in stone, they can be changed at any time. For example, if they are to fall ill themselves, you can have someone else take on this role.

We understand that this isn’t a nice topic, as thinking about a time where you are unable to make decisions for yourself is upsetting, so it’s easy for this to be pushed to the sidelines and forgotten about.

However, it is a great insurance policy for the future, giving you the peace of mind that your future is in good hands, which is why we would always recommend setting up your Lasting Power of Attorney sooner rather than later.