Atterbury Payne Solicitors

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What are Lasting Powers of Attorney and why should I get one?

In this complex and unpredictable life, unforeseen circumstances can arise, making it essential to plan for the unexpected.

One powerful legal tool that offers individuals a
a layer of protection and control over their affairs is a Lasting Power of Attorney (LPA). This legal document allows you to choose someone you trust (who will become your attorney) to make decisions on your behalf, ensuring that your wishes are honoured, even if you do not have the  capacity to express them yourself.

What is a Lasting Power of Attorney?

There are two types of Lasting Power of Attorney, these are:
👉 Property and Financial Affairs LPA: This lasting Power of Attorney focuses on decisions about your property and finances, such as paying bills, buying, or selling your home, opening or closing bank accounts and dealing with investments.
👉 Health and Welfare LPA: This lasting Power of Attorney focuses on the personal aspects which affect your health and wellbeing, such as treatments you may need, where and how you’re taken care of, and on the rare occasion you need life support, whether this is appropriate or not.

It is important to note that you do not need to have both types of Lasting Powers of Attorney. If you want to only have the Health and Welfare LPA that is fine, and vice versa. This is because these two documents are separate, meaning that you can have different Attorneys to act in each.

So, for example, if one person you trust is better at looking after their money but does not share the same values on certain medical treatments you could choose to have them as an Attorney just for your Property and Financial Affairs LPA rather than both. This is to make sure that you are in control and can appoint the best person for the job.

Why should I get a Lasting Power of Attorney?

One reason it is important to have an LPA is that because of the nature of the document. They are very flexible. This is because they can be tailored to your specific needs, wants
and circumstances. You can specify instructions and preferences, and you can choose who acts as your attorneys.
Another reason as we have said above is to keep you in control. By setting up an LPA, you can retain control over your affairs even if you are unable to make decisions for
yourself. This is because you can strategically delegate responsibilities by specifying how your attorneys will operate, and you can appoint replacement attorneys. This level of control allows you to tailor the document to your unique needs and preferences.

Having an LPA in place can provide you with peace of mind, knowing that your affairs will be taken care of by someone you trust if you are unable to make decisions for yourself.

Additionally, if for some reason you want to change who your Attorneys in the future, you can do so, provided you still have mental capacity at that time.
Having LPA’s in place will also make you prepared for unforeseen events. Life is unpredictable, and accidents or sudden illnesses can happen at any time. In such situations, having a Power of attorney in place ensures that someone you trust is legally authorised to manage your financial, legal, and health matters. This preparedness can bring peace of mind to both you and your loved ones during
challenging times. In life, choosing to have a Power of Attorney is an act of foresight and empowerment. By appointing a trusted individual to act on your behalf, you not only safeguard your interests but also contribute to the seamless flow of your affairs during challenging times.

Take control of your future, protect your loved ones, and ensure that your wishes are honoured. Empower yourself with the invaluable tool that is the Lasting Power of Attorney.

If you would like any further information please contact us on this link or call our friendly team in the office on 01664490449.

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