Benefits of an Lpa
What are the benefits of an LPA
- 1 – An LPA gives you better decisions
- 2 – You get to choose who looks after your situation
- 3 – Without an LPA, life can become stressful and expensive
- 4 – There are different types of LPA
- 5 – You decide when an LPA comes into effect
- 6 – It’s peace of mind for you and your loved ones
An LPA gives you better decisions
We all want the freedom to make decisions for ourselves, but what about when you can’t make those choices anymore? If you become unable to think clearly for yourself, the person you appoint as your LPA will be able to make decisions on your behalf. This means you will get better outcomes. Hopefully, the decisions your Attorney (the person you appoint) makes would be what you would have wanted anyway.
You get to choose who looks after your situation
When you appoint your Attorney, you can nominate someone you trust to act in your best interests. It could be your partner, your children or a close friend or family member.
It’s also possible to appoint several Attorneys if you wish.
There are different types of LPA
There are two different types of LPA, meaning you can choose the one that is right for you, your affairs and your situation.
A Health and Welfare LPA grants your Attorney the power to decide on healthcare, including treatments and surgeries. It also gives them the authority to make decisions on your living arrangements.
The other type of LPA is a Property and Financial Affairs LPA. This grants your Attorney the authority to manage your finances, your assets and your property, provided they are located in England or Wales.
You can appoint different people to different roles. However, your Financial Attorney must consult with a professional advisor before they can make decisions on investments. This is to stop them from being reckless with your money.
You decide when an LPA comes into effect
Because you have set up your LPA in advance, you get to decide when it comes into effect. With a Property and Financial Affairs LPA, you might want it to start straight away. Alternatively, you may want it to trigger when you lack the mental faculties to make your own decisions.
We generally advise for LPAs to come into effect from the date of receiving it back from the Office of the Public Guardian (where LPAs are registered) so it can be used by the Attorney(s) in the event you’re unable to do take any form of action, including if you’re in isolation.
It’s peace of mind for you and your loved ones
It’s not something we like to think about, but accidents can happen, while illnesses such as Alzheimer’s can take over your mental capacity very quickly.
When you arrange an LPA with your solicitor, even when you are the picture of health, you can rest assured that if the worst happens, you’ll be looked after by someone you can trust, someone who cares about you.
The alternative is a lengthy and costly process, which may result in the wrong person being given control of your affairs.
If you’re thinking of setting up your LPA, it’s essential that you talk to a solicitor. Don’t leave things to chance. Don’t try to do a solicitor’s job yourself
