Estate planning is not just about what happens after you pass away; it’s also about securing your interests and autonomy during your lifetime. A vital aspect of this planning is the creation of Lasting Power of Attorney (LPA), legal documents that allow you to appoint someone you trust to make decisions on your behalf should you lose mental capacity. In this blog article, we will discuss the importance of LPA in estate planning, outline the different types of LPA, and explain how Sovereign Planning’s professional will-writing, LPA, and Trust services can guide you through the complexities of establishing reliable and effective LPA arrangements.
LPA can offer security and protection in several aspects of your life, from managing your financial affairs to making healthcare decisions. By appointing a trusted individual as your attorney, you can ensure that your best interests are looked after during any period of incapacity, providing you with peace of mind that your well-being is protected. Establishing an LPA while you are still mentally capable is an essential safeguard and a responsible step towards comprehensive estate planning.
In the following sections, we will examine the different types of LPA, discuss the process of registering an LPA, and offer guidance on choosing the right attorney for your needs. With the support of Sovereign Planning’s experienced team, you can navigate these critical decisions and create a robust plan that caters to your personal preferences and requirements.
Types of Lasting Power of Attorney
Understand the different types of LPA and their purposes in your estate plan:
1. Property and Financial Affairs LPA: This LPA allows your attorney to manage your financial affairs, such as paying bills, managing investments, and selling property on your behalf.
2. Health and Welfare LPA: This LPA covers decisions regarding your medical care, daily care, and living arrangements, ensuring your well-being is prioritised according to your wishes.
Registration Process for Lasting Power of Attorney
Familiarise yourself with the steps involved in registering a valid LPA to protect your interests:
1. Choose your attorney(s): Appoint someone you trust to act as your attorney and ensure they are aware of their responsibilities and your preferences.
2. Complete the LPA forms: Fill in the relevant LPA form(s) to establish either a Property and Financial Affairs LPA, a Health and Welfare LPA, or both.
3. Sign the LPA form(s): Ensure all parties involved, including yourself, the attorney(s), and a certificate provider, sign the LPA form(s) to confirm mental capacity and understanding.
4. Register the LPA with the Office of the Public Guardian (OPG): Submit your LPA form(s) to the OPG, along with the appropriate fee, to complete the registration process.
Choosing the Right Attorney for Your LPA
Consider essential factors when selecting an attorney who can genuinely represent your best interests:
1. Trustworthiness: Choose an attorney who you trust will act in your best interest and make decisions according to your wishes, values, and beliefs.
2. Capability: Ensure that your chosen attorney is competent to manage your affairs and has the necessary skills and understanding to make complex decisions.
3. Willingness to serve: Confirm that the attorney is willing and available to take on the responsibilities associated with managing your affairs in the event of incapacity.
4. Relationship with you: Consider appointing someone with whom you have a strong, positive relationship, as they will be better equipped to make decisions based on your preferences.
The Duties and Responsibilities of Attorneys
Examine the roles and responsibilities of attorneys under LPA arrangements to ensure they can effectively manage your affairs:
1. Act in your best interest: Attorneys must always act in your best interest and prioritise your needs, taking your preferences and beliefs into account when making decisions.
2. Maintain your autonomy: Wherever possible, your attorney should help you maintain your independence and be involved in decision-making to the extent that you are capable.
3. Keep accurate records: An attorney is required to maintain meticulous records of transactions and decisions made on your behalf, ensuring transparency and accountability.
4. Adhere to legal requirements: Your attorney must follow the legal guidelines outlined in the Mental Capacity Act 2005 and comply with any directions from the Court of Protection or the Office of the Public Guardian.
Establishing Lasting Power of Attorney as part of your estate planning process is essential for preserving your autonomy and securing your interests, should you lose the mental capacity to make decisions. By understanding the different types of LPA and their roles within your estate plan, you can appoint a trusted attorney who will act in your best interest and protect your financial affairs, health, and welfare.
With the support of Sovereign Planning’s professional will-writing, LPA, and Trust services, you can receive expert guidance in navigating the complexities of LPA arrangements and ensuring your estate plan fully addresses your future needs. Their personalised approach and dedication to helping you create a robust and comprehensive plan provide peace of mind that your interests are secure, both now and in the future.
Safeguard your future interests and autonomy by working with Sovereign Planning to establish Lasting Power of Attorney in the UK tailored to your unique circumstances. Book your consultation today to start the process of creating a comprehensive and personalised estate plan!