Many assume that important documents such as wills and Lasting Powers of Attorney should be made at an older age, when they reach retirement. However, such documents serve an important purpose and are there to ensure that your decisions are carried out as you would have wanted them to be. Broadbents Solicitors discusses why it is important to create a Lasting Power of Attorney.
You Retain Control
It is important to note that when you create an LPA, you have full control over who you appoint to manage your affairs. Without this document, someone you wouldn’t necessarily have entrusted with this power may be awarded this responsibility by the Court of Protection.
The Power is “Lasting”
Unlike a general attorney whose powers will be revoked should you lose mental capacity, the person you appoint as an LPA will have lasting powers. However, these powers will only be triggered if you should lose the mental capacity to make decisions.
Should you create an LPA, you can decide what affairs the person you have appointed will have the control to manage on your behalf. You can appoint someone to handle only your business affairs and have no control over your personal affairs.
An LPA must be made whilst you have the full mental capacity to understand the document. You may appoint multiple people to undertake this responsibility should it become necessary, or appoint one person and a successor to take on this responsibility should the first person pass away.
Broadbents Solicitors: Lasting Powers of Attorney
These are just a few of the reasons that creating an LPA is vital, however, the importance of this document should not be underestimated. It should be noted that if you do not have an LPA in place, an application by your relatives through the Court of Protection can take 7-9 months to be finalised.
To make an appointment with our specialist Chartered Legal Executive, please call today on 01773 832511.