The benefit of a lasting Lasting Power of Attorney/LPA (LPA) cannot be overemphasised. Most people don’t care about it because they don’t fully understand how it works. They don’t see the need for it and won’t even border to ask the question “How does a lasting Lasting Power of Attorney/LPA work”?
The LPA helps the attorney to make decisions on behalf of the donor, relating to their health and welfare and finance and property decisions. An attorney has a variety of functions to carry out on behalf of the donor they are representing, they also have limits.
What can a LPA do and cannot do? The donor chooses their attorney, a person they trust. The attorney has the responsibility of making decisions on behalf of the donor, once the donor is unable to make decisions for themselves. The attorney cannot transfer their LPA responsibilities to someone else. Also, some people might ask whether they can appoint more than one attorney to serve their interests. Yes, you can nominate more than one attorney, but you must state if they should work individually or collaborate.
Before getting a attorney, you have to consider the person’s personality, if he has experience in the field so that he will not make mistakes in handling decisions that may fall to him most especially in financial matters. Remember to keep an original copy of the LPA document because if it’s not provided as at when needed, your attorney cannot act on your behalf.
What is A Lasting Lasting Power of Attorney/LPA, and why is it necessary?
A LPA is a legal document that allows an individual to act in place of another person. The person who has the LPA is known as a donor. The person/s acting on behalf of the donor is the attorney.
How a LPA works
Getting a lasting Lasting Power of Attorney/LPA starts from a donor completing a legal document called the LPA document, where the LPA responsibilities is stated. There’s a strict code about what an attorney can undertake on behalf of the donor.
The type of LPA used depends on the donor’s needs. However, to cancel a LPA, the donor uses a revocation lasting Lasting Power of Attorney/LPA form to notify the attorney. Also, a LPA can be useful when the donor signs the document, or is made automatically effective when a future event occurs.
Benefits of choosing an attorney
Choosing an attorney is beneficial to those who have full mental capacity. You might be healthy, but due to deteriorating health issues, you may not be able to make some critical decisions. In such a case, an attorney will represent you. Some of the benefits of choosing a attorney are:
1. Physical incapacity
If you are no longer as active as before when you were young or have difficulty hearing or can’t travel a long distance, an attorney will help you look after your property and make the necessary decisions for you.
2. It helps to protect your asset
You can be sure that decisions relating to property and finance are safe and will be appropriately taken care of even if in the future you are unable to look after them. That is why you should get yourself an attorney even when you are strong and healthy.
3. Mentally Incapacitated
The donor might have health issues that have an impact on their decision-making. They may easily forget things and might be less calculative. In such a case, they need someone that can make decisions on their behalf.
4. Plan for the future
A lasting Lasting Power of Attorney/LPA document allows you to state what you would want the attorney to do for you if you are no longer able to make decisions for yourself due to unforeseen circumstances. By so doing, you are already planning for the future.
5. It makes sure the right decisions are made on your behalf
There is no better feeling than knowing that you already have a person that will help manage your properties, medical, and financial affairs if you are not able to do so.
Do’s and Don’ts of choosing your attorney
One must be careful when choosing an attorney because they are responsible for making important decisions. There are essential things to consider in selecting an attorney that will act on your behalf.
1. Do: Choose someone you can trust
Your attorney must be trustworthy. You should be able to tell from their track record if they are responsible and able to handle your financial matters well enough.
2. Do: Appoint someone patient
Find a patient and trustworthy attorney. You don’t need someone that will rush you into making decisions without taking the time to explain everything clearly. This is because decisions that are made in a hurry are not well calculated, and it will cost you a lot.
3. Do: Choose someone with a sound mind
You must choose a person with a sound mind as essential decisions will be made that can be difficult to reverse in the future. Your attorney should be there to help you, so it is wise to choose a capable person that he does not become a liability to you.
4. Do: Choose someone who can fulfil your wishes
You should select a person who is trustworthy. That person can be your family member or friend, so long as you trust them enough to fulfil your decisions.
5. Do: Consider appointing a substitute attorney
It is advisable to appoint a substitute attorney, incase something should happen to your original attorney. As you choose your attorney, you may select a substitute attorney at the same time.
1. Don’t: Delegate separate power to more than one attorney
The problem with having two attorney is that it slows decision making, and if something goes wrong like theft, it will be a more complex issue to solve.
2. Don’t: Grant power that you are not comfortable giving
Never give power to your attorney that you are not comfortable with.
Do’s and Don’ts of in Getting a Lasting Lasting Power of Attorney/LPA
Choosing someone that will assume your position in making decisions when you are not able to do so yourself is as important as the decisions your attorney is going to make on your behalf.
1. Do: Choose your attorneys carefully
Take your time to evaluate a prospective attorney, as you will be allowing that person to access all your properties and make decisions when you are not able to do that again. You have to be careful when choosing your attorney.
2. Do: Draft your lasting Lasting Power of Attorney/LPA
It is good to have your LPA form professionally drafted, so that it is prepared exactly the way you would want it to be. You can indicate the necessary instructions you wish to pass on to your attorney.
3. Do: Choose the right LPA that suits your needs
It is more effective to create a document that goes with your needs, whether it is the one of healthcare, the general, or the limited type of document that will state the extent of power your attorney has over your property.
4. Do: Read everything before signing
You must know everything written in the document before signing it so that you don’t end up making the mistake of assigning your attorney the power that you are not supposed to give.
1. Don’t: Delay your application
Once you have made up your mind to draft the legal document, do not delay in the application. For instance, maybe you are having early signs of cognitive difficulty; you should quickly appoint a attorney because your condition may deteriorate.
2. Don’t: Let anyone influence you in making your LPA
The decisions in the document are only yours to make. You the donor have the final say because you know what you want. If you listen to advise or influenced by persons that are not legal professionals, it can cause you problems in the future.
3. Don’t: Forget to document everything
Every important information should be documented appropriately if there is a need for reference in the future. For example, the level of control your attorney has over your property should be clearly stated.
4. Don’t: Hesitate to seek for legal advice
It is essential to ask for advice from legal professionals. They are in a position to identify the best type of LPA to obtain and how to create one for yourself. At My Estate Planning, we are here to give you guidelines on how to get it.
As it has been discussed earlier that LPA is a legal document given to one person to act for another person. Drafting a Lasting Power of Attorney/LPA is essential and you have been able to understand why one needs the Lasting Power of Attorney/LPA UK. We also outlined the do’s and don’ts you need to know before choosing an attorney-in-fact to make decisions on your behalf. Knowing all this will prevent you from choosing wrongly.
At My Estate Planning, we are professionals and We have the perfect Lasting Power of Attorney/LPA plan for you, where you will be guided on every step to take. Take a bold action by inquiring about My Estate planning Lasting Power of Attorney/LPA. Feel free to contact us at any time of the day as we are always available to meet your request