A Will is an important document to ensure your affairs and assets are managed in the event of your death. However, a Will doesn’t cover any decisions that might need to be made whilst you’re still alive if you were to lose capacity due to illness, stroke or injury.
LPA
That’s why a Lasting Power of Attorney, or LPA, is so important – it allows a trusted family member, friend or solicitor to make decisions about your finances or health whilst you’re still alive. For those in need of a Power of Attorney Online https://powerofattorneyonline.co.uk options are available. Here’s why you need one.
What’s the Difference?
A Will instructs your executors, who you appoint, as to how you’d like your estate to be divided or dealt with after you die. Your Will can define your funeral wishes, whether you’d like to gift any cash legacies to family, friends or charitable organisations, how any property should be dealt with, any guardianship affairs for minor children or gifts of jewellery or personal items. In contrast, an LPA is a legal document that permits your chosen friend, family member or solicitor to make decisions on your behalf if you lose capacity while still living. An LPA isn’t as expensive or difficult to obtain these days as you might expect. In fact, you can even set up a Power of Attorney online.
Why Do I Need an LPA?
An LPA can make financial or healthcare decisions on your behalf if you lose capacity due to stroke, dementia or other illnesses. You can choose one or even multiple LPAs and define which aspect of your affairs they can manage. They will be able to pay bills, access your money, deal with your property matters or carry out your wishes in terms of your long-term care or medical welfare. Without an LPA, your family or friends may face a lengthy and expensive court process in order for them to be able to legally manage your affairs for you – so acting now will prevent any difficulties down the road.