If you’re aged 18 and above and you haven’t set up a Lasting Power of Attorney, or LPA, then it’s definitely something worth considering. For some solicitors, setting up an LPA is considered to be even more important than getting a will in place, because the risk of losing mental capacity is higher than death, especially when you are younger. But what is an LPA exactly?
What is an LPA and why does it matter?
A Lasting Power of Attorney is a legal document that you put in place to define who can make financial and health decisions on your behalf, if you later lose mental capacity. There are many things that can cause mental incapacity at a young age, for example, a road accident.
LPAs are also useful if individuals work in situations where they are uncontactable for long periods of time, such as in the armed forces. In these instances, a nominated individual can make any necessary financial decisions, perhaps related to a mortgage, for example, while they are away and impossible to contact.
What happens without an LPA?
With your Lasting Power of Attorney organised, you can relax, knowing that a trusted individual would carry out your financial and medical wishes if you were incapacitated or unable to do so. It’s just another way of knowing that your wishes would be taken care of if the worst happened. It would also avoid situations that occur without an LPA in place.
If an individual is deemed to lack capacity, a court-appointed process must take place at great expense and time delay. In this instance, the wishes of your loved ones would not be the deciding factor.
Is it hard to get an LPA in place?
Not at all. In fact, you can easily organise a power of attorney online for financial and medical decisions, using a service such as https://powerofattorneyonline.co.uk. Once your LPA is in place, it will remain in place unless you apply for a change.
If you don’t have an LPA in place, look at getting one set up now.