We all recognise the importance of a will but a lasting power of attorney, or LPA, is often an afterthought. An LPA allows you to appoint a trusted friend, family member, or solicitor – and you can have multiple LPAs if you choose – to manage your financial or health and welfare affairs if you should lose capacity. Let’s look at six commonly asked questions about power of attorney.
1. Is it expensive to set up?
Many people think it is a tricky, time-consuming, and expensive process to set up an LPA; however, this is a misconception, as it is easier than ever to set up a power of attorney online. Companies such as https://powerofattorneyonline.co.uk/ offer this service.
2. Who should you choose as your attorney?
This is completely up to you, but most people choose their spouse, trusted friends, or family members. You could also choose your solicitor or a legal professional to act for you. You can have more than one attorney, and they can manage different aspects of your affairs.
3. Can an LPA be revoked?
Yes, an LPA can be revoked at any time. Seeking legal assistance to make sure your revocation is official is recommended.
4. Why is an LPA important?
A loss of capacity can happen to anyone at any age, often due to mental illness, stroke, dementia, or other disease. Without an LPA, your friends, spouse, or family members won’t have the legal ability to manage things on your behalf and could have to undergo a lengthy court process to support you.
5. Can’t your next of kin automatically act for you?
No, your next of kin will not have an automatic entitlement to make decisions on your behalf unless they have lasting power of attorney.
Which affairs will your attorneys manage?
Your LPA will typically manage your financial and health and welfare affairs, although you can be specific in designating LPAs to manage each area on your behalf. You can also choose whether they can act immediately or only if you lose capacity.