5 Benefits of Having Lasting Power of Attorney
We think about setting up a Lasting Power of Attorney (LPA) only as we grow older. But we need to take into account that life is unpredictable and full of surprises.
Unexpected health issues or accidents can occur at any stage, possibly affecting our ability to make important decisions. To counter this and to adopt a preemptive proactive approach, setting up an LPA can provide you with the necessary peace of mind. This ensures that your choices are respected no matter what the future holds.
Whether you’re making a Lasting Power of Attorney online or offline, it is a crucial step you should take sooner rather than later. By establishing an LPA, you can rest assured that your finances and welfare will be looked after if you can no longer do so yourself.
In this article, we will explore the benefits of making a Lasting Power of Attorney and how it can help you plan for the future.
Let’s begin!
1) You Are in Control
In the unexpected event that you find yourself suddenly hospitalised, important decisions may need to be made swiftly and thoughtfully.
Handing over the responsibility of your healthcare and finance decisions is scary. This is especially true if you’ve always had a firm rein on such matters.
However, you can choose who to nominate with a Lasting Power of Attorney (LPA). In this way, you can take control of your fate and rest easy knowing that your chosen attorney will make decisions with your best interests at heart.
With an LPA, you can nominate almost anyone, from a friend to a partner, family member or even your children. If you wish, you could also appoint more than one attorney to convey your decisions to the concerned parties.
By having an LPA in place, you can be more confident that the decisions made will reflect your wishes.
2) Allows for Better Decision-Making
We all want to make important decisions for ourselves, but what about when we cannot make these choices anymore?
Imagine a situation where you cannot make vital decisions regarding your finances, assets or healthcare. Sounds pretty scary, right?
Without a Lasting Power of Attorney, your loved ones will find it difficult to make crucial life-changing decisions on your behalf. They may even have to go through a very time-consuming and expensive court process.
As such, having an LPA saves your family and friends from legal hassles by leaving clear instructions during a tough time.
If you cannot make your own decisions, the person whom you appoint as your LPA can make decisions on your behalf. That person will have the legal authority to act in your stead, resulting in better decision-making.
3) Protects You from Exploitation and Fraud
When you are no longer able to make financial decisions for yourself, you could become an easy target for fraudsters and financial exploitation.
With a Lasting Power of Attorney in place, you can ensure someone is there to prevent you from making decisions that are not in your best interests. In this way, you safeguard yourself against unfair treatment, ensuring that your assets and wishes are managed responsibly.
4) You Choose Who Looks after Your Affairs
Having Lasting Power of Attorney gives you the peace of mind that someone you know is in charge of your life-changing health and financial decisions.
When you appoint an attorney, you can nominate someone who you trust and believe would act in your best interests. As long as your attorney is over the age of 18, not bankrupt and understands the responsibility they are taking on, you can choose anyone.
Without an LPA, you would be leaving the power in the court’s hands to decide who makes these important decisions on your behalf. As a result, there’s always a risk they may give this power to an accountant or solicitor instead of a trustworthy loved one you’d choose yourself.
5) Peace of Mind
Ordinarily, we never want to imagine the worst. However, it’s still wise to plan for it – just in case. If you have a Lasting Power of Attorney, you can ensure the peace of mind of your family and loved ones.
With an LPA, they can take comfort in knowing that their health and finances will be well protected if their mental or physical capacity were to take a turn.
Furthermore, you could even provide specific guidance and instructions within your LPA. This will ensure that your nominated person and loved ones are well aware of your wishes, ensuring they are carried out effectively.
To Wrap Up
Overall, putting a Lasting Power of Attorney in place is a proactive method to protect your assets and welfare.
By planning and nominating a trusted attorney, you can ensure major decisions will be made according to your wishes, even when you cannot express them yourself.
By simply registering an LPA once, it can remain in place for your entire lifetime. Moreover, you can face the future confidently, knowing that you’ve taken the necessary steps to look out for yourself and your loved ones during more challenging times.
