The Benefits of a Lasting Power of Attorney
A Lasting Power of Attorney (LPA) allows you to choose who looks after you if you cannot look after yourself. It’s a document that should hopefully stay in a drawer and never have to be used.
An LPA allows your chosen person to help make decisions about your health, and/or your finances. If you do not have an LPA, it can be difficult for your loved ones to make decisions on your behalf in the event that you can no longer make them yourself.
There are two types of LPA, Health and Welfare and Finances. As the names suggest, Health and Welfare allows your attorneys to make decisions on your health and wellbeing if you cannot make them yourself. The second, Finances, allows your attorneys to manage your bank accounts and other financial liabilities, and they can make financial decisions on your behalf such as how to pay for your care if that should be necessary.
When thinking about who to appoint as your attorney, you should try to pick people who can help you in the long term as well as the short term. It is therefore not always the best idea to pick just your spouse, as they may not be able to care for you when it is required. Attorneys with varied ages will be the most helpful.