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1 IN 4 PEOPLE WILL REQUIRE CARE AT SOME POINT IN THEIR LIVES.
The Legal Protection You Need: Understanding Lasting Power of Attorney (LPA)
Have you ever thought about who would make important decisions for you if you suddenly became unable to do so, due to an unexpected illness or accident?
It’s a scenario that can cause a lot of stress and worry for your family and friends, especially if they have to navigate the complex legal system to make those decisions.
Fortunately, there is a solution that can help prevent this situation from occurring – a Lasting Power of Attorney (LPA). By creating an LPA, you can designate a trusted person to manage your affairs and make important decisions on your behalf if you become incapacitated.
Secure Your Future with Expert LPA Guidance and Tailored Solutions from The Right Wil
Given that one in three people over 65 will develop dementia, it’s more important than ever to plan ahead and establish a Lasting Power of Attorney (LPA).
The Right Will can provide expert knowledge and guidance to help you through the complex process of setting up an LPA.
We’ll provide tailored solutions to meet your specific needs, taking into account your financial situation and family arrangements. Our team can also assist you in choosing the most suitable attorneys to appoint and ensure that your LPA is set up to their exact specifications.
“Plan Ahead Now For A Time When You May Not Have The Mental Capacity To Make Financial Decisions”
What Is an LPA?
An LPA is a legal document that enables an individual (donor) to delegate decision-making authority to another person (attorney), in the event that they become incapable of making decisions for themselves due to illness, injury, or disability.
Types of LPA
In England, there are two types of LPAs one can establish. The first type is the property and financial affairs LPA, which allows a donor to delegate decision-making authority over their financial matters, including managing their bank accounts, paying bills, and selling their assets.
The second type is the health and welfare LPA, which empowers an appointed individual to make decisions about the donor’s medical treatment, living arrangements, and other personal matters.
Donors have the option to create either one of the two types of LPAs or both, depending on their unique circumstances and preferences.
Who Needs an LPA?
No matter what age you are, it is important to make an LPA as early as possible. While it is true that older adults and those with existing health issues may be more likely to require an LPA, the truth is that anyone can become incapacitated at any time.
Accidents, illnesses, and unexpected events can happen to anyone, regardless of age or current health status. In fact, young adults can face medical emergencies and become temporarily or permanently incapacitated due to accidents or illnesses.
In such situations, having an LPA in place can be crucial to ensuring that your needs are met, and your wishes are respected.
Straightforward Guide on Crafting a Lasting Power of Attorney
To make an LPA, you’d need to complete some application forms and forward them to the Office of the Public Guardian. While it is possible to do this electronically, opting for a more deliberate course of action by seeking expert guidance and exercising prudence is strongly advised.
Choosing the Right Attorney(s)
Selecting an attorney is a critical aspect of setting up an LPA. Although your close family members may appear to be the natural option, it’s essential to contemplate potential complexities, such as their geographical location, which may restrict their decision-making authority.
Designating multiple attorneys can alleviate such complications and guarantee that decisions can still be made even if one attorney is not accessible.
When choosing your attorneys, it’s crucial to evaluate their reliability and capability to act in your best interest. Familial ties can blur the judgment of loved ones, whereas impartial professionals may be unfamiliar with your principles and convictions.
Defining the Types of Decisions
After selecting your attorneys, the subsequent stage involves specifying the nature of decisions they are authorised to make and the manner in which they should be executed. You can determine which assets should be exempted from disposition and whether decisions can be made by an individual attorney or require joint approval.
Thereafter your application will be forwarded to the Office of the Public Guardian (OPG), where it will be processed, and the power of attorney will be issued.
Frequently Asked Questions
What is the Difference Between a Power of Attorney and a Lasting Power of Attorney?
When you no longer have the mental capacity to make your own decisions, an ordinary power of attorney becomes invalid. A lasting power of attorney, however, can make decisions on your behalf in the event that you lose the mental capacity to do so.
Can an Attorney Override a Will?
No, a person with a Lasting Power of Attorney (LPA) cannot alter a Will.
How Long Does it Take to Get a Lasting Power of Attorney in the UK?
If there are no errors in the application, registering a lasting power of attorney takes up to 20 weeks.
Can My Attorney Charge Money for Acting for Me?
There is no rule that says you have to pay your attorneys, but if you do, you can choose the rate of pay for each one individually. Attorneys can claim reasonable out-of-pocket expenses incurred when acting on your behalf.
Get Expert LPA Support in Solihull
The Right Will Office in Solihull is available to answer your questions and assist you in drafting a comprehensive LPA that’s tailored to your unique requirement and situation. Don’t leave your future to chance, get in touch with us today.
Solihull
Solihull is a town that offers a rich blend of history, culture, and modernity. It has a thriving economy, with a high concentration of businesses in the automotive, retail, and technology sectors. It is also renowned for its impressive architecture, particularly its historic Tudor-style buildings. We are also proud to offer a dedicated Will Writing Service in Solihull.