Although you may not like to think about it right now, there could be a time in the future when you will not be able to make decisions for yourself about financial affairs or health matters.
A power of attorney, often referred to as an LPA, allows you to appoint trusted people to act as attorneys and make important decisions for you. There may be a temporary circumstance or it may involve long-term planning if you lose the mental capacity to make decisions
There are now a little over eight million LPAs and EPAs on the register.
What Benefits Does an LPA Have?
If you lose the ability to make decisions about your financial or health well-being, you can rest assured that someone you trust can make them. Not having an attorney that you nominate means a stranger, however well-intentioned, makes them for you.
It also means your family avoids uncertainty about your wishes. An LPA assures your family and friends that no extra costs are incurred by applying to the Court of Protection to act as a deputy, which can be costly.
You can find information about creating a Power of Attorney online with firms such as https://powerofattorneyonline.co.uk.
Why Is an LPA a Good Idea?
You can make an LPA whilst you still retain mental capacity, which is key if you want to assure yourself that relations and friends understand your wishes for the long term.
Your future care is also something you will want to place in the hands of a trusted person.
