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0 Most people naturally assume that their next of kin and loved ones will have the legal right to manage their affairs if they lose the capacity to do so themselves. Remember that for a young parent, for example, the risk of a serious capacity-losing disability is more likely to occur than death. And for people who travel with work for many months at a time without contact, such as those in the armed forces, the need for a power of attorney, particularly with regards to finances, can be very important indeed.
Why LPAs are so important
It’s important to know that you have the legal structure set up so that your wishes are carried out if the worst does happen. This is where a Lasting Power of Attorney, or LPA, comes in. With an LPA, your nominated individual will be able to manage your financial affairs and make health decisions independently. Without the LPA, your loved ones may have an opinion on how your money and health decisions are made if you lose capacity, but they will not have the final say. These decisions are made by medical professionals, local authorities and courts, and the process can be very long, and very expensive. What’s more, the resulting conclusion may well be different to the decision loved ones would have made, knowing your wishes.
LPAs and wills
Many solicitors view LPAs as being equally important to wills, or even more important, because an LPA affects your life while you are still alive, if you no longer have the capacity to deal with your own affairs. Many solicitors also recommend that people put their LPAs in place early on, so that they don’t have to worry about them again. It couldn’t be easier too, as you can do your power of attorney online, either by the government website or via a specialist such as powerofattorneyonline.co.uk.
However you decide to progress your LPA, it’s very important to give it full consideration at the right time. For most people, now is the best time of all!
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