An LPA, or lasting power of attorney, is a legal document that ensures your trusted family member, friend or spouse is able to manage your affairs if you should lose capacity. But why is it so important to have an LPA set up? We explain in this handy guide.
Losing capacity
You could lose mental capacity via disease or illness, such as dementia, stroke or Alzheimer’s disease, accident or ageing. Having an LPA in place offers you peace of mind that, should this happen, your loved one or chosen individual can take care of things for you and in your best interests. Your LPA will only begin should you be assessed by medical professionals to have actually lost capacity.
What is an LPA?
A lasting power of attorney gives your chosen attorney, or attorneys, the legal authority to manage your affairs in the event that you lose capacity. With an LPA, they’ll be able to care of your finances, for example by paying bills, applying for or managing your benefits or liaising with your mortgage provider.
They can also make decisions in line with your wishes about your health, wellbeing and medical or long-term care. You can choose anyone over the age of 18 to be an attorney, and you can have more than one to manage each aspect of your care. Most people choose their spouse, or a trusted friend or family member.
How do I set one up?
Traditionally, high-street solicitors would draw up an LPA. However, nowadays you can set up a power of attorney online. Creating a Power Of Attorney Online can often be a more cost-effective and faster method.
Why is it important?
If you lose capacity without an LPA in place, your friends, spouse or family members will be unable to make any decisions for you or act on your behalf. They won’t have the authority to speak to your bank or make medical decisions for you. To do this, they would need to go through a lengthy court process, which can be time-consuming, costly and stressful.
