Life is unpredictable, and unforeseen circumstances can arise at any moment. While we may not have control over everything, creating a Lasting Power of Attorney (LPA) is a proactive and prudent step towards securing our future. In this blog, we’ll explore the crucial reasons why an LPA is important, offering peace of mind and protection in times of uncertainty.
Decision-Making in Incapacity
Life is full of uncertainties, and anyone can face sudden illness, accidents, or conditions that render them incapable of making decisions. By creating an LPA and appointing your desired attorneys, you designate trusted individuals to act on your behalf in case you become incapacitated. This ensures that your financial, legal, and healthcare decisions are handled according to your wishes, providing a seamless transition during challenging times.
There are two types of LPAs making it easy to separate your financial matters from your healthcare matters.
LPA for Property and Financial Affairs – Maintaining Financial Continuity
In the event of incapacity or prolonged absence, having an LPA for financial matters allows someone you trust to manage your assets, pay bills, run your business and handle financial transactions on your behalf. This continuity ensures that your financial affairs are not disrupted, preventing potential complications and safeguarding your financial well-being.
LPA for Health and Welfare – Healthcare Advocacy and Decision-Making
A Health Care Power of Attorney empowers a designated individual to make medical decisions on your behalf if you are unable to communicate or make decisions about your healthcare. This includes choices about treatments, surgeries, and end-of-life care. By appointing a trusted individual as your healthcare proxy, you ensure that your medical preferences are honoured and that someone familiar with your values advocates for your well-being.
In the absence of an LPA, decisions about your finances, health, and personal affairs may fall into the hands of family members who may not be familiar with your wishes. This can potentially lead to disagreements and disputes among family members. An LPA clarifies your preferences and minimises the risk of conflicts, ensuring that the person you trust is legally authorised to act on your behalf.
Without an LPA managing your affairs during incapacity or absence may require legal intervention, such as guardianship or conservatorship proceedings. These processes can be time-consuming, emotionally draining, and expensive. Creating an LPA in advance streamlines the decision-making process, saving time and financial resources for both you and your loved ones.
In the absence of an LPA, decisions about your finances, health, and personal affairs may fall into the hands of family members or third parties who may not be familiar with your wishes. This can potentially lead to disagreements and disputes among family members. Creating an LPA clarifies your preferences and minimises the risk of conflicts, ensuring that the person you trust is legally authorised to act on your behalf.
Contact us now to discuss organising yours!
