A Lasting Power of Attorney (LPA) is a legal document that allows you (the donor) to appoint one or more people (known as attorneys) to make decisions on your behalf if you become unable to do so yourself. There are two types of LPA: one for financial decisions and one for health and welfare decisions. The financial LPA allows your attorney to manage your finances, such as paying bills or selling your property, while the health and welfare LPA enables your attorney to make decisions about your medical treatment and care, as well as your daily routine, such as what you wear and what you eat.
Making a Lasting Power of Attorney is essential in planning for the future. It allows you to choose someone you trust to decide on your behalf if you cannot do so yourself due to illness or incapacity.
Having an LPA in place can provide peace of mind for you and your loved ones, as it ensures that your wishes are respected, and your affairs are managed in your best interests. It also helps avoid potential disputes or confusion over who should decide for you.
Furthermore, making an LPA is a proactive step towards safeguarding your assets and managing your financial affairs effectively. This can be especially important for elderly or vulnerable individuals, as it can help to prevent financial abuse or exploitation.
Making a Lasting Power of Attorney is integral to planning for the future and can provide reassurance and security for you and your loved ones.