The Importance of Lasting Powers of Attorney
A Lasting Power of Attorney (LPA) legally entitles someone who you appoint to make decisions for you should you become incapable for any reason, giving you and your family and loved ones the peace of mind that all matters will be dealt with in your best interests.
Lasting Powers of Attorney give you the knowledge that your affairs will be dealt with by someone you trust should anything unfortunate happen to you.
Although initially most of us would think we are either ‘too young’, or ‘nothing is likely to happen to me’ or even this is an issue ‘I will address at a later stage’, we all know someone who has been subjected to a critical illness, a serious accident or even a quick deterioration in health. Should this happen and you are unable to deal with your affairs, it is too late to appoint a loved one and all matters would be dealt with by the court.
Up until October 2007, an Enduring Power of Attorney (EPA) gave your attorney the power to deal with financial responsibilities should you have become incapable of managing your own affairs. LPAs were then introduced to cover personal welfare as well as property and affairs. For example, your loved one may give you the power to consent to or reject life sustaining treatment; or they may direct you to look after all of the property ensuring that decisions made are financially viable and in your best interests.
LPAs cannot be used until they are registered. However that does not mean that if you make and register one now, you are signing over control of your affairs. One of the main advantages of an LPA is that a restriction can be put in place until such time that it is necessary for your attorney to become involved. This would only be such time that you were medically certified as losing mental and or physical capacity.
In whatever way you consider the concept of an LPA, it is worth taking the time out to discuss what options are available to you to ensure peace of mind and the satisfaction that your affairs will be looked after should anything happen to you.