Understanding Lasting Powers of Attorney and their Benefits

Very simply a lasting power of attorney (LPA) is a legal document which allows your attorney to make decisions for you about your health or finances when you can no longer do it yourself. A health and welfare LPA covers decisions about medical treatment, care, and living arrangements. A financial LPA covers decisions about managing money or selling property for example.

Why you might need an LPA?

Setting up an LPA ensures that if you lose capacity, decisions will be made by someone who understands your wishes and acts in your best interest. Without one, your family may need to apply to the Court of Protection which can be long, costly, and stressful.

Choosing an attorney?

Your attorney must be over 18 and has to be someone you trust. This tends to be a family member, close friend, or solicitor. You should be warned that attorneys can normally claim reasonable expenses and may be paid for their role, though this should be discussed with your attorney in advance.

What to take into account?

For a financial LPA your attorney can act even while you still have capacity unless you include a restriction. This should be discussed with your attorney and clear instructions should be set.

Cost

The application fee is £82. The form can be filled out by an individual though the form is denied if there are any mistakes on it. Therefore, getting independent advice can be beneficial as it can reduce the risk of mistakes and ensures the LPA reflects your wishes.  

Flexibility

It is also good to know that an LPA can be cancelled at any time or updated depending on how your life develops as long as you have mental capacity.

Overall, creating an LPA is seen as the responsible thing to do as it can make your family’s life easier and protects your interests.