Why it Pays to Arrange an LPA as Early as Possible

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It can be heart-breaking watching a loved one suffer mental illness, whether a result of old-age, illness or injury. For most of us when we are going through this hardship, it can be easy to deny the reality of the situation. What could start off with minor changes in behaviour – such as your loved one becoming more forgetful, can quickly lead to more serious problems where they need a lot of assistance day to day.

It can be tough to consider this happening to your own family and even one day yourself, however it is a fact of life that we all get old and we may need the help of loved ones to manage our affairs.

For those willing to consider every eventuality before they become a reality, there are many benefits. Getting a Lasting Power of Attorney (LPA) in place many years before you’re affected, can make the whole process much easier to come to terms with for all involved.

Let’s address what an LPA does. Essentially, they will serve as a legal representative of another who has become incapacitated, and is no longer capable of managing their own affairs. LPAs don’t immediately get any power over affairs, they are only activated when certain circumstances arise.

LPAs, given the right circumstances, get power over finances, healthcare and place of residence, so it is essential to choose those that you trust implicitly to manage your future, should you become unable to do so yourself. Getting your LPA in place early can have significant advantages, some of which are addressed here…

 

You make the decision

Take advantage of your opportunity to appoint the person, or people, that you trust to act on your behalf. If you don’t arrange your LPA prior to becoming incapacitated, this power is passed to the courts to appoint your legal representative. This could be a rogue relative that is only interested in benefiting themselves, with no regard for your best interests.

Not only could this be devastating for you, it has the potential to tear the family apart with you being unable to impose your own wishes.

 

You decide on any limitations

If you get your LPA in place early, you have all the power to dictate what they will be able to do, and what they can’t. You can limit their financial powers and you can appoint different individuals to take care of different affairs.

You can also take advantage of two different forms of LPAs: property and affairs, and personal welfare. Design your LPA framework to suit your own unique family circumstances, don’t leave this decision to a judge who doesn’t know your loved ones like you do.

 

Nominate successors

Should anything happen to incapacitate your LPA, or in the event of their death, you can nominate successors to take their place. Again, take advantage of establishing the entire framework yourself.

 

Act now

These are just a few examples that illustrate the importance of appointing your trusted LPA as early as possible. It truly can pay to protect yourself and your family should the worst happen; both financially and emotionally.

Be prepared – don’t leave it until it’s too late. Avoid putting your loved ones in a difficult and emotionally distressing position by arranging your Lasting Power of Attorney, prior to any serious mental or physical problems developing.

We can provide you with straightforward advice and assist you in appointing people you trust implicitly to act on your behalf. Talk to us today, help prepare for anything life can throw at you, it is never too early to protect your future – call us on 01282 433 241.

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