How do I make a lasting power of attorney? This is a question that many individuals ponder as they consider their future and the well-being of their loved ones. A lasting power of attorney (LPA) is a legal document that allows someone to make decisions on your behalf in the event that you become unable to do so. Whether it’s due to illness, injury, or simply old age, having an LPA in place can provide peace of mind and ensure that your affairs are handled according to your wishes. In this article, we will guide you through the process of creating a lasting power of attorney, from understanding its purpose to completing the necessary paperwork.
Understanding the Purpose of a Lasting Power of Attorney
A lasting power of attorney is designed to grant someone the authority to manage your financial affairs and personal welfare. There are two types of LPAs: one for property and financial affairs, and another for health and welfare. It’s important to understand the difference between the two before deciding which one is right for you.
The property and financial affairs LPA allows your attorney to make decisions regarding your bank accounts, investments, and other financial matters. This type of LPA is particularly useful if you become unable to manage your finances due to illness or incapacity.
On the other hand, the health and welfare LPA enables your attorney to make decisions about your personal care, medical treatment, and living arrangements. This type of LPA is crucial if you become unable to make decisions regarding your own health and well-being.
Choosing an Attorney
One of the most important aspects of creating a lasting power of attorney is selecting the right person to act as your attorney. This person should be someone you trust implicitly and who is capable of making decisions in your best interest. It’s essential to choose someone who is reliable, responsible, and willing to take on the role.
When selecting an attorney, consider the following:
– A close family member or friend who is familiar with your wishes and values.
– Someone who is financially literate if you’re granting them authority over your financial affairs.
– A professional, such as a solicitor or a trusted financial advisor, if you require specialized expertise.
Completing the Paperwork
Once you’ve chosen an attorney, the next step is to complete the necessary paperwork. In the UK, the Office of the Public Guardian (OPG) provides the forms required to create a lasting power of attorney. The process involves the following steps:
1. Download the forms from the OPG website or obtain them from your local council.
2. Fill out the forms accurately and legibly.
3. Have the forms witnessed by two individuals who are over the age of 18 and not related to you or your attorney.
4. Submit the forms to the OPG along with any required fees.
Remember to keep a copy of your LPA for your records and inform your attorney of its existence.
Registering Your Lasting Power of Attorney
While it’s not mandatory to register your LPA, doing so can provide additional protection and ensure that your attorney’s authority is recognized. Registration is particularly important if you’re granting your attorney the ability to make decisions regarding your financial affairs.
To register your LPA, you’ll need to complete a registration form and submit it to the OPG along with the original LPA document. The OPG will then review the application and, if everything is in order, register your LPA.
In conclusion, creating a lasting power of attorney is an essential step in ensuring that your affairs are managed according to your wishes in the event that you become unable to do so. By understanding the purpose of an LPA, choosing the right attorney, completing the necessary paperwork, and registering your LPA, you can provide peace of mind for yourself and your loved ones.
