By making a Lasting Power of Attorney, you choose someone you trust to make decisions for you if you are not able to do so yourself. There are two types of LPA in the UK: one for property and financial affairs and one for health and welfare matters. You can make both and choose the right people for each type of decision.
Should you lose capacity without having an LPA in place, someone will have to apply to the court to be authorised to deal with your affairs. This may not be the person you would have chosen. It could even end up being the local authority. The court process can be very lengthy and costly.
By making LPAs yourself, you stay in control:
- You choose your own attorneys, plus replacements if you wish.
- You decide how they act, what decisions they can and cannot make and how they do so.
- You can leave them guidance on how to deal with specific assets or situations.
- You ensure money is not wasted on lengthy court applications.
- You ensure your attorneys can act immediately, with no delay, which can help protect the value of assets as well as your own wellbeing.
- You minimise the risk of disputes between family members who may have different views on your wishes or best interests.
- You can ensure an effective plan is in place for your business and family wealth structures.
For more information or to discuss any of the above, please contact Rachel Mainwaring-Taylor.
