What is a Lasting Power of Attorney (LPA)?
An LPA is an important legal document that allows you to choose other people to make decisions on your behalf, when you are unable to make them yourself. Setting up an LPA is a significant step to ensure that you and your family have peace of mind and protection in the future.
Why do I need an LPA?
You can decide in advance how future choices should be made for you and who should make them. You can appoint someone you trust to look after your finances, and you can specify what decisions they can make.
An LPA can also offer added peace of mind for families who have an equity release plan, as you can ensure your loved ones will still be able to access any cash reserve that can be withdrawn in the future.
It is important to arrange your LPA now
You can only set up an LPA whilst you retain the mental capacity to do so. In other words, by the time you need one due to an accident, illness or because you are mentally unable, it will usually be too late.
If you don't have an LPA in place, your loved ones might not be able to automatically look after your financial affairs and the Court may have to appoint someone to manage your finances. This can be a lengthy, stressful and costly process for your family.