A lasting power of attorney, also known as an LPA, is a very important legal document to have in place. It gives the legal authority to your spouse or chosen family member, friend or solicitor, to make decisions for you, should you lose capacity. But when might you need one, and why? We’ll explain further in this handy guide.
What is an LPA?
A lasting power of attorney appoints your chosen ‘attorney’ or ‘attorneys’, individuals you choose to act on your behalf, so they are legally able to manage your affairs for you. You can create an LPA at any time, but it will only take effect should you have been assessed to have lost capacity by medical professionals. A loss of capacity is something that none of us hope to experience, but unfortunately, it can happen to any one of us. We might lose capacity through illness, through degenerative diseases such as dementia or Alzheimer’s, or through stroke or accident, for example. If this occurs, an LPA will allow your attorney to manage your financial and property affairs, along with your medical and care needs, on your behalf. They could, for example, apply for or cancel benefits for you, pay bills or your mortgage on your behalf or liaise with your mortgage provider. They could speak to doctors and make care decisions for you that align with your wishes.
How do I get one?
You can set up a power of attorney online or via a high-street solicitor. However, the power of attorney online route can often be more cost-effective and faster.
Why is it important?
An LPA is important because without one, your spouse, family members or friends won’t have the authority to manage your affairs. Many people think that their spouse or next-of-kin could simply make decisions without a document in place, but this is false – they would have to go through a potentially costly and time-consuming court process to do this. That’s why getting an LPA in place will give you real peace of mind.
