When Do I Need a Lasting Power of Attorney?

A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint someone you trust to make decisions on your behalf, should you become unable to make those decisions yourself due to illness or incapacity.

One of the many questions we are often asked at Swansea Legal Solutions is ‘When do I need a Lasting Power of Attorney?’ Here are some of the situations when you may need an LPA as advised by members of our experienced team.

Situations When You Will Need an LPA

• Mental incapacity: If you become mentally incapacitated, for example due to dementia or a stroke, an LPA can ensure that your affairs are managed by someone you trust, rather than by a court-appointed guardian.
•  Physical incapacity: If you become physically unable to make decisions, for example due to an accident or long-term illness, an LPA can ensure that your wishes are respected and your financial affairs are managed by someone you trust.
• Preparation for the future: An LPA can be established at any time, even when you are in good health. This can provide peace of mind for the future and ensure that your affairs are managed according to your wishes if you become unable to make decisions.
• Protection of assets: An LPA can help protect your assets and ensure that your financial affairs are managed in a way that is in your best interests.
• It’s important to note that an LPA must be established before you become incapacitated. You can choose an attorney or attorneys, who can make decisions on your behalf relating to your financial affairs, health and welfare, or both.

Different Types of LPA

• In the United Kingdom, there are two main types of Lasting Power of Attorney (LPA):
• Property and Financial Affairs LPA: This type of LPA allows you to appoint someone to make decisions about your property and financial affairs, such as managing your bank accounts, paying bills, and making investment decisions.

• Health and Welfare LPA: This type of LPA allows you to appoint someone to make decisions about your health and welfare, such as choosing where you live, making decisions about medical treatment, and determining your daily routine.
• It is possible to have both types of LPAs in place, giving your attorneys the power to make decisions about both your property and financial affairs, as well as your health and welfare. Having both types of LPAs in place can provide comprehensive protection and ensure that your wishes are respected if you become unable to make decisions for yourself.

It’s important to carefully consider who you appoint as your attorney or attorneys and to choose someone you trust and who understands your wishes and values. You should also review your LPAs regularly to ensure that they continue to meet your needs and reflect your current circumstances.

Using A Professional for your LPA

It’s best to seek advice from a professional when creating an LPA to ensure that it is properly executed and meets your specific needs and circumstances. And there are many other benefits too including:

•  Legal expertise: A professional will have in-depth knowledge of the laws and regulations surrounding LPAs and can ensure that your LPA is properly executed and meets all legal requirements.
•  Objectivity: A professional can provide objective advice and help you make decisions about who to appoint as your attorney or attorneys, taking into consideration your specific circumstances and needs.
• Peace of mind: Working with a professional can provide peace of mind, knowing that your LPA has been properly executed and that your affairs will be managed according to your wishes if you become unable to make decisions for yourself.
•  Avoiding errors: An LPA that is not properly executed or that contains errors may not be legally binding. A professional can help you avoid errors and ensure that your LPA is properly drafted and executed.
•  Protecting your interests: A professional can help you protect your interests and ensure that your LPA meets your specific needs and circumstances.

It’s important to seek legal advice when creating an LPA, as this can be a complex process with serious legal and financial implications. A professional can provide guidance and support throughout the process, helping you make informed decisions and ensuring that your wishes are respected if you become unable to make decisions for yourself.

Swansea Legal Solutions

At Swansea Legal Solutions we have an expert team which specialises in the development of all types of LPA’s. To book an appointment you can call us today on 01792 420844 or you can read more here.