People are being urged to safeguard their future as the population ages by taking out a lasting power of attorney (LPA).
The Law Society says that with people living longer, it’s vitally important that we plan ahead because there may come a time when we can no longer make vital decisions about our finances and our care.
An LPA enables you to choose to give someone you trust the power to act on your behalf in situations which you specify. They are your attorney.
A Society statement says: “There are two different types of LPA: property and affairs, and health and welfare. You can choose to make either type, or just one. You can have the same attorney for both, or you can appoint different attorneys.
“The first type of LPA covers decisions about money and property. If there comes a time when you can no longer manage your finances, the attorney will do this for you. This could include paying bills, collecting benefits, or selling your house.
“A health and welfare LPA allows the attorney to make decisions on your behalf about your future day-to-day care if you are no longer able to care for yourself, including, if you wish, the power to accept or refuse life-sustaining treatment on your behalf. You decide what powers the attorney can have.”
The President of the Law Society, Jonathan Smithers, said: “Once you have an idea of what you – or perhaps your parents or other older relatives – want to do, talk to a solicitor about getting a lasting power of attorney drawn up and registered.”
Please contact us if you would like more information about a lasting power of attorney. We regularly advise clients on estate planning and related issues. Contact us on firstname.lastname@example.org or 02920 345511 for further details.