The importance of Lasting Powers of Attorney: A vital step for your future

Life is unpredictable. As much as we try to plan and control what happens next, the unexpected can strike at any time. From accidents to illnesses, none of us can foresee every eventuality. One way to safeguard your future and give peace of mind to your loved ones is by setting up a Lasting Power of Attorney (LPA). If you haven’t thought about it yet, it might be time to take action — and Martin Lewis' recent coverage of LPAs on This Morning (click to view) highlights why this is such an important step.

What is a Lasting Power of Attorney?

A Lasting Power of Attorney is a legal document that allows you to appoint someone you trust (called an 'attorney') to make decisions on your behalf if you lose the mental capacity to make those decisions yourself. This could be due to an accident, illness, or age-related condition. You can set up two types of LPA:

1. Property and Financial Affairs LPA – This allows your chosen attorney to make financial decisions, like paying bills or managing your property, if you’re unable to do so yourself.
   
   
2. Health and Welfare LPA – This lets your attorney make decisions about your health and care, such as medical treatment and living arrangements, should you lose the capacity to make these decisions.

Having a trusted individual in place to act on your behalf can relieve family members from the stress of trying to make critical decisions at an emotionally charged time. It's a way to ensure that your wishes are respected and that your affairs are handled according to your preferences.

Why Should You Act Now?

In his recent TV show segment, Martin Lewis emphasised the importance of setting up an LPA as a practical and crucial part of financial and personal planning. He rightly pointed out that many people delay or overlook it, thinking it's something they don’t need to worry about until much later. However, the reality is that the earlier you set one up, the better.

• Peace of Mind for You and Your Family: An LPA ensures that, if the worst happens and you become mentally incapacitated, someone you trust can make decisions in your best interests. Without an LPA, your loved ones may need to go through a lengthy and expensive court process to gain authority to make decisions on your behalf.
  
  
• Avoiding Legal and Financial Complications: If you don't have an LPA and you lose the ability to manage your affairs, it could take months for the court to appoint a Deputy. During this time, bills could go unpaid, your property could fall into disarray, and your financial matters may spiral. An LPA prevents this uncertainty and provides a clear plan for your finances and healthcare.
  
  
• It’s Easier Than You Think: Setting up an LPA doesn’t have to be a difficult process. We will guide you through the main considerations and help from commencement to completion, giving you peace of mind everything has been completed correctly.

Start planning today for peace of mind tomorrow. Set up your LPA while you’re still mentally capable, and choose the right people to make decisions on your behalf when you need it most.

Our Private Client lawyers are able to guide you through the process, get in touch to make an appointment.