When it comes to planning ahead for the future, one important decision you need to make is choosing your Lasting Power of Attorney (LPA). Under UK law, an LPA is an essential legal document that grants someone the authority to make decisions on your behalf should you become unable to do so.
Our Wills, Trusts and Probate Partner, Minesh Thakrar, outlines key things to consider when appointing your LPA.
Before delving into the process, it’s crucial to understand the concept of the Lasting Power of Attorney. There are two types: Property and Financial Affairs LPA, which grants someone authority over your finances, and Health and Welfare LPA, which empowers someone to make decisions regarding your healthcare and personal welfare. UK law specifies that the person chosen as your LPA must be at least 18 years old and have the mental capacity to make informed decisions.
Key things to consider
Trustworthiness and reliability: Your chosen LPA should be someone you trust, as they will have access to your financial and personal information. Consider their ability to act in your best interests.
Availability: Select someone who is local to you, as they may need to visit you regularly, attend meetings on your behalf, or manage your affairs in person. Accessibility is crucial for a smooth decision-making process.
Compatibility: Ensure your LPA understands your values, beliefs, and preferences regarding healthcare and financial matters. They should be able to make decisions that align with your wishes when you cannot express them yourself.
Financial responsibility: If appointing an LPA for property and financial affairs, choose someone with good financial responsibility. They should be capable of managing your assets, paying bills, and making informed financial decisions in your best interests.
Communication skills: Effective communication is vital between you, your LPA, and other parties involved. Select an individual who can effectively convey your wishes and instructions to medical professionals, financial institutions, and family members.
Seeking legal advice
We advise to seek advice from a legal professional when creating an LPA. Solicitors specialising in Wills, Trusts and Probate can offer valuable guidance throughout the process. They will help you complete the appropriate forms, clarify legal terms, and ensure the document is properly executed.
How Blaser Mills Law can help
At Blaser Mills Law we understand the importance of putting the right planning in place for the future. Our team of Wills, Trusts and Probate solicitors are experts in the field and work with clients to find the best solutions for them and their families.
To speak to one of our Wills, Trusts and Probate solicitors about executing a Lasting Power of Attorney, please contact Minesh Thakrar on 01494781366 or mit@blasermills.co.uk