Reasons to make a Lasting Power of Attorney
Creating a Lasting Power of Attorney (LPA) can be a crucial and proactive step in ensuring that your affairs are managed according to your wishes, even if you become incapacitated or unable to make decisions. Here are ten reasons why you should consider making an LPA:
Control Over Decision-Making:
By appointing an attorney, you retain control over who will make decisions on your behalf when you are no longer able to do so.
Peace of Mind:
Knowing that you have a trusted person designated to act on your behalf can provide peace of mind and alleviate stress for you and your loved ones.
Avoiding Court Intervention:
Without an LPA, your family might need to apply to the court for deputyship, which can be time-consuming, expensive, and may not reflect your preferences.
Having an LPA in place ensures that decisions can be made promptly, especially in critical situations where time is of the essence.
You can specify your preferences and instructions regarding your healthcare, financial matters, and other important aspects of your life, ensuring decisions align with your values and beliefs.
Reducing Family Disputes:
An LPA can help prevent family conflicts over decision-making, as your appointed attorney will have a clear legal mandate.
Continuity in Business and Financial Matters:
If you own a business or have complex financial arrangements, an LPA ensures someone can manage these affairs, maintaining continuity.
Planning for the Unexpected:
Life is unpredictable, and having an LPA in place is a proactive measure to plan for unexpected events, such as accidents or sudden illness.
Preserving Your Estate:
An LPA can help protect your assets and estate by ensuring someone responsible manages your finances and property if you loss capacity
In some cases, it may be a legal requirement to protect vulnerable individuals, especially the elderly or those with diminished mental capacity.
Remember that creating an LPA is a serious decision, and it’s essential to choose an attorney whom you trust implicitly to act in your best interests.