Why Do I Need A Lasting Power Of Attorney?
We don’t want to think about it, but statistically 1 in 6 of us will develop some sort of degenerative brain condition – such as dementia, Alzheimer’s or Parkinson’s. Along with all of the physical and emotional problems that come with this reality, there are some legal problems to consider. Because at a certain stage, people suffering from these problems (or other medical problems such as coma or brain trauma) are not able to legally make decisions for themselves medically or financially.
There are 2 main types of LPA that should be put into place early on to ensure your wishes are followed. These are:
- Finance & Property: This covers any decisions about your finances or property. Your attorney will be responsible for looking after your assets in line with your wishes, including your bank accounts, transactions, investment funds and any property issues or sales.
- Health & Welfare: The role of the health and welfare attorney is to make medical or welfare decisions for you in relation to medical care or welfare (for example where you are living and how you are being cared for) when you are unable to.
A LPA is usually drawn up alongside a will, when the person is fit and healthy and able to make those decisions for themselves. At this time, they are legally able to determine their wishes for the future, including who should be in charge of their financial and medical decisions, what their wishes would be in various situations and more. If you haven’t a LPA written up, you are at risk of your medical or financial fate being held in the governments hands, who will treat you as just one of thousands of charges. At Edmunds and Eve, we understand that your individual needs and desires are paramount, which is why we work closely with you to craft LPA’s that say exactly what you want to happen, and when.