Perhaps you’re the adult child of an elderly or unwell parent, or maybe you’re that parent and you need a little help with managing your affairs. Either way, sometimes the time comes for a family member or trusted friend to step in to help. That’s when an LPA – or lasting power of attorney – could be a benefit.
What does an LPA do?
If you were to lack capacity or become unable to manage your financial affairs, with an LPA in place, your trusted friend or family member can make sure your bills are paid and execute your financial wishes. For example, they could visit the bank for you to withdraw money, manage any benefits or pension on your behalf or call up creditors or utility companies to make payments.
What are the benefits?
An LPA can cover several different aspects, and at different times too. Your LPA can not only look after your property and finances, but they can also make decisions about your health and welfare, although this wouldn’t apply or come into effect unless you became unable to do this for yourself.
Without an LPA in place, the task of getting your affairs in order would fall to your family or next of kin. They’d have to make an application to the Court of Protection for a Deputyship Order in order to act, which could be expensive, stressful and take time. You can even go through the process for Power of Attorney online via websites such as Power Of Attorney Online.
What are the drawbacks?
Choosing your attorney can be a tough decision. You’ll need to trust them absolutely to manage such important decisions for you – especially as they won’t face much scrutiny or external monitoring, and they’ll need to be willing and able to act for you and deal with the additional responsibility too.
Overall, an LPA can relieve the stress of decision-making while you’re ill or struggling. And the sooner you have one in place, ideally long before you’re incapacitated, the smoother decision-making will be for you.
