Should I have an LPA?
An LPA (Lasting Power of Attorney) is essential for ensuring your affairs are managed according to your wishes if you become unable to make decisions yourself. It provides legal authority to a trusted person to handle your financial matters and/or health and welfare decisions, offering peace of mind. Without an LPA, family members may face lengthy and costly court procedures to gain control over your affairs. Additionally, having an LPA can prevent disputes and delays during critical times, ensuring your best interests are protected promptly. In summary, an LPA is a practical safeguard to maintain control and provide clarity in unforeseen circumstances.
There are two main types of LPAs:
Property and Financial Affairs LPA
This allows your chosen attorney(s) to manage your finances and property. They can pay bills, collect benefits or pensions, manage bank accounts, and buy or sell property on your behalf.Health and Welfare LPA
This authorises your attorney(s) to make decisions about your personal health and welfare, including medical treatment, care home moves, and daily routine preferences, but only when you are no longer able to make these decisions yourself.