LPA Series: What is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) could be central to your financial welfare – but do you know what one is, or how to put an LPA in place?
In a series of short articles, we will share some useful facts about Lasting Power of Attorney. This article discusses the important details about what an LPA actually is, who should get one, and how they can be put into place.
What is an LPA?
A Lasting Power of Attorney is a legal document, arranged by you at any time in your life, to allow others to make decisions on your behalf should you need them to. Although there are misconceptions that an LPA is only for elderly people who are struggling with their decision making, there are other times in your life where an LPA could be beneficial. For example, if you suffer with an unexpected illness and are unable to make decisions for yourself.
An LPA means your wealth will always be in safe hands.
When you create an LPA, you give someone you trust the legal authority to look after your affairs if you’re unable to, or no longer want to. The person you elect becomes known as your Attorney, and you can have one or more of them.
There are two types of LPA, which are:
- Property and financial affairs LPA – your Attorney makes decisions about any financial matter, which could include paying your bills, managing your investments, paying for insurance policies or operating your bank account.
- Health and welfare LPA – your Attorney makes decisions about medical care and other welfare needs, such as the best nursing home for you.
Who should get an LPA?
The short answer is everyone. Having an LPA in place could be a huge benefit if you are unexpectedly unable to make decisions about your health or finances, and could save on stress in a time of need. Putting an LPA in place early means that you won’t have to worry about it later in life. It is also important to consider whether putting it off could mean it is too late for you to get one, as, if your mental capacity deteriorates, you will not be able to put an LPA in place.
How do I get an LPA?
Speak to one of our financial advisers today to help you put all the legal framework in place to have a valid Lasting Power of Attorney. We can support you to decide on who might be the best people to become your Attorney/s and guide you through the paperwork and admin so that the process is as stress free as possible.
Please note: the FCA does not regulate advice provided on wills, trusts or Lasting Powers of Attorney
All of our advisers are licensed estate planners. They can ensure your financial planning journey includes future generations and other loved ones.