A Lasting Power of Attorney (LPA) is a legal document enabling another person to make decisions on your behalf when you are no longer able to make them. Often people think they do not need to worry about a Power of Attorney until they are older. However, here are five reasons why you should put one in place as soon as possible.
Wondering why, how or when to establish a Power of Attorney? Speak to our friendly team today.
Reason 1: You can choose someone you trust to look after your affairs
Losing capacity means another person will take important decisions on your behalf, so it should be someone you trust. Setting up an LPA means you can choose who you want to give this responsibility to.
If you do not have an LPA, the decision will be taken out of your hands. A Deputy may be appointed for you by the court, and this person may not be someone you would have chosen.
Reason 2: You can ensure your wishes are known
Choosing your Attorney means you can discuss how you would like them to approach your medical care and finances. Although the conversation may be hard, you will both be reassured that they understand how you would like them to handle future decisions.
Reason 3: Reduce the burden on your family
Being unprepared for losing capacity risks putting an enormous strain on your family. Without an LPA, no one will have the legal authority to make decisions for you. Instead, your family may have to secure a Deputyship Order, a time-consuming and costly process.
Having an LPA in place will save your family stress, time and money, giving them space to focus on your needs.
Reason 4: Protect your loved ones financially
If you have dependents, it is especially important to have an LPA in place. Should you suddenly lose capacity (in a car accident, for instance), you could leave them financially stranded, adding to their distress at an already difficult time.
A Power of Attorney ensures your family will have immediate access to the funds they need to support you and themselves.
Reason 5: Peace of mind for you and your family
You can only establish an LPA whilst you have capacity. If you leave it too late, it becomes much more complicated for your loved ones to look after you and your finances in the way you would want.
With a Power of Attorney in place, you and your loved ones know that whatever happens, whenever it happens, you are prepared. The peace of mind this brings is invaluable, leaving you free to enjoy life without worrying about the future.
Lasting Power of Attorney Lawyers, Bournemouth
It can be tempting to put off establishing a Lasting Power of Attorney, but it is vital to have one in place. It is never too early to ensure you and your loved ones are protected. Talk to us about setting up your Power of Attorney today.