What is a Lasting Power of Attorney (LPA) and how to create one?
A Lasting Power of Attorney (LPA) is an important legal document that allows you to appoint someone you trust to make decisions on your behalf in case you become unable to make decisions for yourself. This can include decisions related to your finances, property, health and welfare. Don’t know where to start and want to know more? Let Goodhand and Forsyth Solicitors explain a little more.
Working With you to plan for the Future
At Goodhand and Forsyth Solicitors we place great importance on helping our clients organise their affairs to give them and their loved ones the best advantage, both now and in the future. Through comprehensive and pragmatic advice. We will ensure your assets and documents are put in the right place and are protected and your loved ones are cared for. We understand that these discussions can be challenging, but our goal is to simplify the process as much as we can for you. We will work together, taking the necessary time to discuss your preferences, offer comfort, and provide a straightforward and helpful guidance. Our primary objective is to grant you absolute peace of mind and ensure that you have a full understanding of the all aspects of what you are signing.
Let us explain a little bit more about Lasting Powers of Attorney
Understanding the Types of LPAs
Property and Financial Affairs – This gives your Attorney(s) the authority to make decisions about your finances, property and other assets. Including the power to manage bank accounts, pay expenses, complete tax returns, deal with investment and buying and selling of property.
Health and Welfare – This grants your Attorney(s) the power to make decisions about your healthcare, living arrangements and personal welfare. Including decisions about your personal care, where you will live and what sort of medical care you may need.
Why is it important to have a Lasting Power of Attorney?
Having Lasting Power of Attorney is essential because it empowers you to designate a trusted individual(s) to make important decisions on your behalf if you become unable to do so due to illness, injury or incapacity. Without an LPA, your loved ones may face unnecessary legal complexities, potential conflicts and court involvement in managing your affairs or making healthcare decisions. It ensures your wishes are respected, provides peace of mind and allows personalised decision-making, reducing the burden on both you and your family during challenging times.
When should I make a Lasting Power of Attorney?
Because a Lasting Power of Attorney does not come into effect immediately, you should create one in advance of when it is actually needed. This proactive step ensures that, in any event of unforeseen illness, injury or incapacity, you have designated a trusted person to make decisions on your behalf. Waiting until a crisis occurs may result in delays, legal complications and decisions made by individuals who may not align with your wishes. By establishing an LPA early, you gain peace of mind and maintain control over your future whilst providing clarity to loved ones.
Can you change your mind once the Lasting Power of Attorney is in place?
Most certainly yes, you can change your mind and make amendments to your LPA after it’s been created, as long as you still have mental capacity.
You can change or replace Attorney’s by completing the appropriate forms.
You can Revoke the LPA by completing a formal revocation form and notifying the Office of the Public Guardian.
When can the Attorney Act?
Property and Financial Affairs: The Attorney can act as soon as the LPA is registered with the Office of the Public Guardian (OPG) unless the Donor has specified otherwise in the document.
Health and Welfare: The Attorney can only act if the donor lacks the mental capacity to make these decisions for themselves. This is typically determined by medical professionals and in some cases, by a statement included in the LPA document itself.
Contact Goodhand and Forsyth Solicitors by calling 01737 773533, emailing email@example.com or by dropping into our offices located at 76 Station Road, Redhill, Surrey, RH1 1PL.