In the UK, planning for the future isn’t just about pensions and savings—it also involves preparing for the possibility that you may one day be unable to make important decisions for yourself. A Lasting Power of Attorney is a legal tool that helps ensure your wishes are respected if that time comes.
What Is a Lasting Power of Attorney?
A Lasting Power of Attorney is a legal document that allows a trusted person (your attorney) to make decisions on your behalf if you lose mental capacity. There are two types of a Lasting Power of Attorney in the UK:
Health and Welfare Lasting Power of Attorney – This type of attorney procedure covers decisions about medical care, living arrangements, and life-sustaining treatment.
Property and Financial Affairs Lasting Power of Attorney – This type of attorney deals with managing your money, property, bills, and other financial matters.
These can be set up separately or together, depending on your needs.
Why Is a Lasting Power of Attorney So Important?
Many people assume that family members can automatically make decisions for them if they become incapacitated. However, without a Lasting Power of Attorney in place, loved ones have no legal right to manage your affairs. In such cases, they may have to apply to the Court of Protection, which is often a long, costly, and emotionally draining process.
The Lasting Power of Attorney gives you control while you still have capacity. You can choose someone you trust and provide specific instructions or preferences to guide their decisions.
Protection against Unexpected Events
Loss of capacity can occur at any age, whether due to illness, accident, or age-related conditions such as dementia. By arranging a Lasting Power of Attorney early, you prepare for the unexpected and avoid crisis situations.
It’s also worth noting that a Lasting Power of Attorney is not just for the elderly. Younger people with demanding careers or who spend time abroad may also find it useful to have someone manage their affairs in their absence.
Peace of Mind for You and Your Family
Having a Lasting Power of Attorney in place provides peace of mind. You know that if the worst happens, someone you trust will act in your best interests. It also removes the burden from your family, who might otherwise struggle with making decisions during an already stressful time.
How to Set Up a Lasting Power of Attorney
Setting up a Lasting Power of Attorney in the UK involves filling out forms available on the GOV.UK website or through a solicitor. Once completed, the forms must be registered with the Office of the Public Guardian (OPG) before they can be used.
Summary: A Lasting Power of Attorney is a vital part of any future planning strategy. It protects your interests, ensures your wishes are honoured, and provides clarity and comfort to those closest to you.