A lasting power of attorney (LPA) is somebody whom you appoint to make decisions on your behalf.
There are two types of LPA. One that takes care of your money, finances and property, and one that makes decisions about your future healthcare and welfare. The health and welfare attorney will make decisions such as your daily routine, treatment or moving into a care home. On the LPA form, you can state whether your attorney can refuse or accept life-sustaining treatment or not.
The other type is choosing someone who can make decisions regarding property and finance. This can involve paying bills, spending money, collecting benefits or perhaps even selling your home. This is especially important if you have a lot of assets needing taking care of. With LPA, there can be costly and lengthy processes to follow in order to get the outcome you wish.
So, when should you appoint an attorney? Here’s when you can do it.
As Soon As Possible
You can create an LPA whenever you want to as long as you can still make decisions for yourself and anyone can make one. If you have many assets, then it’s wise to ensure that an attorney is in place. If you think you may develop a health issue that can lead to the incapacity of making decisions, then it’s always good to ensure that you have precautions in place.
Upon Diagnosis
As soon as you are diagnosed with a health condition that can deteriorate your ability to make decision, it’s important to make an LPA. For example, dementia, various mental health issues, brain injury or perhaps even alcohol/drug misuse can lead to the need for an attorney to act on your behalf. It’s important to have this precaution in place as soon as possible if you’re unsure on how quickly it will progress.
Anyone can be an attorney as long as they are capable themselves and over 18. However, if they are bankrupt or become bankrupt, the power could be taken away. Trust corporations or solicitors can also act as an attorney.
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It’s always important to ensure you plan for your future. To discuss your requirements, speak to our advisors today.