Lasting Power of Attorney
We all want to keep as much control over our lives, and the work we do, as possible. It’s only natural! However, we sometimes need to think about what might happen if we’re no longer able to take control. What would happen to your home, your business or finances if you were suddenly unable to care for them?
A Lasting Power of Attorney, commonly known as an LPA, can help by acting in your absence. An LPA can help to:
- Make decisions about your health or care when you’re unable to
- Make decisions about your finances and assets
LPAs are legally assigned and can be very useful to have alongside a full will.
Why Might I Need an LPA?
It is hard to think about what may or may not happen in the future. Unfortunately, life can be unpredictable, complex, and sometimes very difficult.
An LPA can act for you if, for example, you don’t have the mental capacity to look after your affairs. This may happen as a result of a neurological condition (such as Alzheimer’s Disease), or even as a result of a medically-assisted coma.
Nobody wants to consider the worst case scenarios. However, without an LPA, if the worst was to happen, management of your finances and your health might become very difficult.
LPAs, essentially, act as ‘living wills’ before you pass away. You decide which areas of your life you’d like your nominee to have control over – and it’s often a great idea to set an LPA up alongside writing a will.
Does Everyone Need LPAs?
Yes – in my professional opinion, you should always consider setting up an LPA to help manage your affairs.
I have, unfortunately, seen cases where families have struggled to manage loved ones’ finances after they’ve taken ill. If the person in question isn’t able to answer for themselves, then their next of kin will need to leap through a lot of legal hoops to get any kind of say-so.
Setting up or nominating an LPA alongside writing a will ensures that your interests, money and assets are all covered and protected. As none of us truly know what the future is likely to hold, it is all the more important to put protection in place!
Can an LPA Protect My Business?
Yes – there are cases where you can set up an LPA to take over your business affairs. The process is similar to what would happen with your private assets and money. Your LPA simply steps in to act if you can’t do so yourself.
If the idea of writing a will or setting up an LPA seems like a big step, please don’t worry. Protecting your interests and your family’s financial safety is something you can take at your own pace.
You can always call me for a quick chat to learn more – it’s 07780 370 189!