When should you create a Lasting Power of Attorney?
Creating a Lasting Power of Attorney is a great step in planning for your future, ensuring that your personal and financial affairs are managed according to your wishes if you become unable to make decisions for yourself.
Key Takeaways
- A Lasting Power of Attorney is a legal document that allows an individual to appoint someone they trust to make decisions on their behalf.
- There are two types of LPAs: one for financial decisions and another for health and welfare decisions.
- An LPA is not just for the elderly or those with known health issues; it’s a proactive measure that can benefit adults of any age.
There are certain events that may prompt you to create a LPA including:
- Professional advice from a lawyer or financial advisor may highlight the benefits of having an LPA as part of a robust personal and financial planning strategy.
- If you plan to travel extensively or live abroad for an extended period, having an LPA in place ensures that someone can handle your financial and legal matters in your absence, providing peace of mind that your affairs are being managed properly.
- If you own a business having an LPA in place can ensure that your business can continue to be managed by someone who you have elected if you are unable to do so.
- While there’s no set age to creating an LPA, it is often considered as part of planning for older age.
So why exactly should you make a LPA?
- Health Concerns: If you have been diagnosed with a condition which could impact your cognitive abilities or physical well being in the future, creating an LPA ensures that your affairs will be managed accordingly.
- Aging: As you grow older, the likelihood of needing further assistance with financial or health related decisions increase.
- Unexpected Incapacity: Accidents or sudden illnesses can happen at any age which could leave you unable to make key decisions for yourself.
- Significant Life Events: changes in your personal life, such as getting married, having children, getting divorced, or experiencing the loss of a spouse, can prompt the need for an LPA.
- Family History: If there is a history of conditions that affect decision making abilities in your family, you might be more aware of the potential need for someone to manage your affairs in the future.
In conclusion, creating an LPA is a proactive measure that provides security and clarity, ensuring that your affairs are managed by someone that you trust if you are unable to make important life decisions for yourself. Its definitely an important decision to make when planning for your future. It allows you to have peace of mind and your loved ones. Read more about the importance of setting up an LPA.
Get in touch with us today
Setting up a Lasting Power of Attorney is the best possible way of protecting yourself in case of losing mental or physical capacity, and the sooner you do it, the better. Speak to our expert LPA team today on 01525 378177 or email info@ommlaw.co.uk.
