Running a business, handling bills, travelling overseas and managing personal and business affairs while recovering from an illness are all real-life situations many of us face every day. But what many people don’t always know is that they can appoint a lasting power of attorney (LPA), giving a trusted individual the power to act on their behalf and help them take care of these responsibilities.
Court of Protection manager Tammie Woods reveals three ways you can use an LPA to remove stress from your life.
1. To help you run your business while you travel overseas
Meeting new clients, networking and building brand awareness are three important aspects of running a successful company that can often lead to many lengthy business trips abroad.
By appointing a Business LPA your company can continue to run uninterrupted, even if you’re away. You can nominate one or several individuals as your attorney, giving them permission to make important business decisions and manage the accounts. This can be a load off your mind and will save you from feeling like you need to be in three places at once.
2. To manage your affairs if you’re ill or recovering from a hospital trip
You can name a property and financial lasting power of attorney, enabling a loved one to handle the buying and selling of any property you own, access and manage your bank accounts, and deal with your tax and pension.
Often the benefit of naming this type of LPA is that, should you get ill, lose mental capacity in the future or find yourself unable to manage your finances or get to the bank, then someone else that you trust implicitly can do it for you.
During the pandemic, many elderly parents were grateful for having a child as their acting attorney. It meant if they were in self-isolation that they didn’t fall behind with bills and stayed on top of their finances.
3. To make healthcare and medical decisions if you have dementia
The idea of having no say over your future is a troubling one, to say the least. Therefore, we advise clients to create an LPA sooner, rather than later. Just because you have one, it doesn’t mean you need to use it – but it’s reassuring to know it’s there should you ever need to.
As well as appointing a property and finance LPA, you can also name an attorney to take charge of your health and welfare. This LPA can’t be used while you have mental capacity, however, should you develop Alzheimer’s or dementia in the future, then it will allow someone to act for you.
They will be able to make decisions about your care and treatment, ensure you receive the medical attention you need and to guarantee you continue to live in a safe and caring environment.
Often people wish to know the person in charge of their care is someone they are close to, trust and love. It’s reassuring to know if such a time arises when you cannot care for yourself, that someone is there that understands you, recognises your wants and will act in your best interests.
It’s for this very reason that LPAs are so important and something that I would always advise any adult to put in place. They can help you feel empowered, ready to face the future and offer peace of mind not just for you, but for your family as well.
If the idea of requiring too much paperwork or navigating a complicated legal process is what’s delaying you from setting up an LPA, then don’t worry – our experienced team can take care of everything for you.
We’ll be there to support you through every step of the process and help you gather the relevant documentation and get officially registered with the Office of the Public Guardian. This way, you can be sure your future is in good hands, and more importantly, the ones you want it to be in.
For more advice on Lasting Powers of Attorney, contact Tammie Woods.
You can also read more on 4 reasons why LPAs are important whatever your age blog featured in Great British Life.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.