Why an LPA can arguably be more important than a will
Most people know about the importance of wills, but fewer have heard of a lasting power of attorney, or LPA, which can be more important than a will. Let’s take a closer look.
Why is a lasting power of attorney so important?
An LPA defines what will happen to your health and financial decisions if you lack the capacity to make these decisions yourself. Instead, your chosen trusted attorney can make those decisions for you. In this sense, it is so important because it concerns decisions during your lifetime. A will is only relevant after you die.
What does an LPA do?
A lasting power of attorney ensures your personal welfare and financial affairs are handled by the nominated person you trust if you no longer have the capacity to do this yourself.
Why might you no longer have the capacity to make these decisions?
There can be many situations in which this happens; for example, you might have an accident and be in a coma for some time. You might get dementia. You might serve in the armed forces and work away without contact for long periods.
Is it hard to set up an LPA?
No, setting up an LPA is not difficult at all; in fact, you can choose to set up your power of attorney online or in the traditional way. If you choose to set up your power of attorney online, the entire process can be managed digitally.
How many people have a lasting power of attorney?
Research suggests that around 1% of people have an LPA, although key industry figures such as Martin Lewis are trying to change this.
In conclusion, a lasting power of attorney is a valuable document to create while you have the capacity to do so and a worthwhile investment in your own safeguarding. You may never need it, but it is far better to know that it exists should the worst happen and you no longer have the mental capacity for decision-making.
