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1 IN 4 PEOPLE WILL REQUIRE CARE AT SOME POINT IN THEIR LIVES.
Planning for the Inevitable: How a Lasting Power of Attorney Safeguards Your Future
Planning for the future is a crucial aspect of our lives, especially when it comes to our finances and health. None of us can be sure what the future holds, and there may come a time when we are unable to make important decisions for ourselves. In such situations, having a Lasting Power of Attorney (LPA) is not just a good idea but a must-have.
The Right Will Service
It’s hard to believe, but the numbers don’t lie – a shocking 78% of UK adults haven’t taken the vital step of registering a Lasting Power of Attorney (LPA), despite the critical role it plays in safeguarding their future.
Let’s help you navigate the complex signing and registration procedure, making the process smooth and stress-free.
“Plan Ahead Now For A Time When You May Not Have The Mental Capacity To Make Financial Decisions”
What is An LPA?
A lasting power of attorney (LPA) is a legal document that gives someone else — the attorney — the power to make decisions on your behalf should you become unable to.
Types of LPA
In England, there are two kinds of LPAs: health and welfare LPA and property and financial affairs LPA. With both, the donor can grant an attorney legal power to make decisions on their behalf.
Health and Welfare LPA
This type of LPA permits welfare decisions, such as diet, daily routine and medical treatment decisions. It can only be exercised when the donor loses the capacity to do so.
Property and Financial Affairs LPA
This LPA makes decisions on paying bills and manages investments, real estate, and bank accounts of the donor. Unlike a health and welfare LPA, the chosen attorney(s) can act and make decisions even if the donor has mental capacity, though with their consent.
While both LPAs are often assigned to the same individual, the donor can tailor the powers to their needs. They may choose to create one type of power of attorney or give the roles to different individuals if it serves their interests.
How to Create a Lasting Power of Attorney (LPA) That Reflects Your Values
Ready to take charge of your future by making a Lasting Power of Attorney? Our expert guidance and insider tips can help you create an LPA that’s tailored to your unique circumstances.
But before you fill out the application forms and submit them online, it’s essential to take a thoughtful approach. Seeking professional advice and making informed decisions can make all the difference in ensuring your LPA accurately represents your needs and desires.
Choosing Your Attorney
Reflect on your inner circle- the trusted advisors, friends, and family members that surround you. Who among them would uphold your values and act in your best interests as your representative? This choice is critical as they will make decisions on your behalf when you are unable to.
However, rest assured that we will assist you in evaluating all the advantages and disadvantages and making informed decisions. One valuable suggestion is to select more than one attorney to avoid potential issues in case one is unavailable.
Making the right decision can be challenging, but we are here to guide you through the process.
After selecting your attorneys, the subsequent stage is to specify the types of decisions you want them to make and the method of decision-making. You’d decide which assets should not be disposed of, and whether decisions should be made by a single attorney or jointly.
To ensure the legality of your decisions, you must fill out a separate form informing two individuals of your intention to establish an LPA. The Office of the Public Guardian (OPG) will then evaluate and issue the power of attorney once you have submitted your application.
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.
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.
Is it Worth Having a Lasting Power of Attorney?
Yes, it is. Making a lasting power of attorney is crucial for everyone, of any age, who has financial assets to safeguard and/or who wants someone to act in their best interest regarding healthcare choices in the event they are unable to do so themselves.
Craft your lasting power of attorney in Stratford Upon Avon with The Right Will
Take charge of your future and make things easier for your family by reaching out to us. We’ll help you take that all-important first step towards securing your future and ensuring that your loved ones are well taken care of. Contact The Right Will today.
Interesting Facts About Stratford Upon Avon
Famous for being the birthplace of William Shakespeare, Stratford-upon-Avon is a beautiful market town in Warwickshire, England.
The town is blessed with the flowing waters of River Avon, which serves as a favoured destination for boating and fishing enthusiasts. The river is flanked by several scenic parks and gardens, such as the Bancroft Gardens and the Recreation Ground, that offer a tranquil and refreshing retreat for visitors.
In addition to its cultural and historical attractions, Stratford-upon-Avon is also known for its picturesque countryside and outdoor activities. The town is surrounded by the beautiful countryside that is perfect for hiking, cycling, and horse riding.