A Lasting Power of Attorney (or LPA) lets your loved ones look after you and your finances when you can’t make decisions for yourself anymore. That sounds as if it should be simple, but there are lots of options so your LPA can be created to suit your needs. In one way this is great because you’re free to decide what you want, but it can cause issues if you don’t get the drafting right. That could include having to go through the whole process again. A professional can help you to think about what you need and make sure that it’s included. Here’s why it helps to instruct a professional to draft your Lasting Power of Attorney.
IT’S A COMPLEX DOCUMENT
The forms that you need to complete to create your LPA are complicated so filling them in can be pretty overwhelming. A professional creates these documents day in, day out so you know they’ll do it properly. When the forms have been completed, they get sent off to be approved and they’ll be sent back if there are any issues. When they’ve been drafted by a professional, they’re more likely to be accepted first time. If they’re not your adviser will sort it out for you. They’re also insured if anything goes wrong.
YOUR LPA WILL BE TAILORED TO YOUR CIRCUMSTANCES
When you create an LPA there are lots of options to choose from and getting professional advice will help you decide what you need, based on your individual circumstances. For example, if you’ve got an investment portfolio where a professional decides where to put your money, it needs to be covered by your LPA or it would end, which might leave your finances in a bit of a mess. You also have options about how your attorneys can act. Do all your attorneys have to agree on every decision or would you be happy for one to decide in an emergency? If you’ve chosen one person who lives nearby and another who’s further away, this could be an important practical consideration.
THEY’LL HELP YOU TO CHOOSE THE RIGHT ATTORNEYS
There can be practical and legal ramifications if you don’t choose the right people, or the right number of attorneys. If you own a house with someone, they can’t be your only attorney. You might feel as if you must choose a family member. It’s more important to appoint someone that has the right expertise, or who would make the choice you would have made for yourself. The people you choose to look after your finances might not be the same ones you’d trust to make health and welfare decisions. A professional can talk you through it.
YOUR LPA WILL REFLECT YOUR WISHES
When we create an LPA, we recommend including a letter of wishes. This isn’t common practice in the industry, but we think it’s a useful piece of guidance for your attorneys. Even if your attorney knows you well, they might not know all the details. It can include the details of people whose services you use regularly from your professional advisers to your regular hairdresser. Some information can go into the LPA itself, for example if you have a strong desire to stay at home rather than going into residential care. Your letter of wishes can include your favourite foods, hobbies, music and how you access it. It’s useful information that helps your attorneys to look after you, particularly in stressful situations.
Are you ready to create a Lasting Power of Attorney that works for you? Get in touch using the form below or call us on 0116 380 0752.