Why you should get a Lasting Power of Attorney?
26 February 2021 by Rachael Fleet
Getting a Lasting Power of Attorney (LPA) is all about ensuring you retain control and giving you peace of mind.
A Lasting Power of Attorney (LPA) is a legal document by which one person authorises another to act on their behalf should they become unable, for example by reason of mental incapacity, to make those decisions themselves.
By putting in place an LPA you:
Decide who you want to appoint as your attorney(s) to act on your behalf if you are unable to.
Thus avoiding the need for the Courts to get involved and slowing things down, incurring additional costs, and possibly ending up with someone other than your person of choice having control of your affairs.
Can provide specific instructions and preferences on how you want your attorney(s) to act on your behalf.
Instructions are legally binding and your Attorneys must follow them e.g. instructions on medical treatment. Preferences are not legally binding but are things that your Attorneys must take into consideration, this is to enable them to make the best choices for you in case your circumstances have changed.
Avoid unnecessary delays in the event you are incapacitated.
By putting an LPA in place now, rather than waiting, it is ready to be enabled and used as soon as it is registered (which itself takes 8 – 10 weeks to register).
You can have an LPA for your business.
This can be separate to your personal finance and property LPA and provides the Attorneys with specific instructions related to your business only e.g. to sell your stake in a business.
Get peace of mind.
Having an LPA means you know that you have made plans and provided legally recognised instructions of who can act on your behalf if you are unable to.
At FJG, we have been advising people on the benefits of LPAs and helping them put these in place to protect themselves and their families for many years.