How to Make a Lasting Power of Attorney
Creating a Lasting Power of Attorney (LPA) is a crucial step in ensuring that your financial and personal affairs are managed effectively in the event that you become unable to do so yourself. An LPA is a legal document that allows you to appoint one or more individuals, known as attorneys, to make decisions on your behalf when you are no longer able to do so. This article will guide you through the process of making a lasting power of attorney, ensuring that your wishes are respected and your affairs are taken care of when you need it most.
Understanding the Importance of an LPA
Before delving into the process of creating an LPA, it is essential to understand why it is important. An LPA provides peace of mind, knowing that your loved ones will have the legal authority to manage your financial and personal affairs if you become incapacitated. It can prevent family disputes and ensure that your assets are used as intended. Moreover, it can save time and money by avoiding the need for a court-appointed guardian in the event of your incapacity.
Choosing the Right Attorneys
The first step in making a lasting power of attorney is to choose the right attorneys. These individuals should be trustworthy, reliable, and capable of making decisions in your best interest. It is advisable to select someone who is financially literate if you want them to manage your financial affairs. Additionally, consider appointing an alternative attorney in case your primary attorney is unable to fulfill their duties.
Types of LPAs
There are two types of LPAs: Property and Financial Affairs LPA and Health and Welfare LPA. The Property and Financial Affairs LPA allows your attorneys to manage your financial and property matters, such as paying bills, selling assets, and handling investments. The Health and Welfare LPA grants your attorneys the authority to make decisions regarding your personal care, medical treatment, and accommodation.
Creating the LPA Document
To create a lasting power of attorney, you must complete the official LPA forms provided by the government. These forms include sections for you to fill in your personal details, the details of your attorneys, and the scope of their authority. It is crucial to be clear and specific about the powers you are granting to your attorneys to avoid any misunderstandings in the future.
Registering the LPA
Once you have completed the LPA forms, you must register them with the Office of the Public Guardian (OPG). This process ensures that your LPA is legally recognized and that your attorneys can act on your behalf. The registration fee is £82 for individuals and £41 for each attorney, which can be paid online or by post.
Reviewing and Updating Your LPA
As your life circumstances change, it is important to review and update your LPA accordingly. This may include changing the details of your attorneys, modifying the scope of their authority, or canceling the LPA altogether. Regularly reviewing your LPA ensures that it remains relevant and reflects your current wishes.
In conclusion, making a lasting power of attorney is a vital step in protecting your interests and ensuring that your affairs are managed according to your wishes. By following these steps and seeking legal advice if needed, you can create a comprehensive LPA that provides peace of mind for you and your loved ones.
