Do I Need A Lasting Power of Attorney (LPA)?
- Fit to retire
- Feb 17, 2023
- 3 min read
Updated: Jul 30
What is a Lasting Power of Attorney?
Lasting Power of Attorney (LPA) is a legal document that allows someone to appoint another person, known as an attorney, to make decisions on their behalf about their health and welfare in the event that they lose capacity to make those decisions for themselves.
This is an important consideration for anyone who is thinking about estate planning, as it ensures that their wishes are respected and carried out even if they are unable to express those wishes themselves.
There are two types of LPA: one for health and welfare, and one for property and financial affairs. The health and welfare LPA is particularly important, as it gives the attorney the power to make decisions about the individual’s care, treatment and where they live, as well as giving or refusing consent to medical treatment.
Without an LPA in place, these decisions may have to be made by the courts, which can be time-consuming, stressful and expensive.
Do I Need an LPA?
Having an LPA in place can also give peace of mind to the individual and their loved ones, as they can be sure that their wishes will be respected and carried out, even if they are unable to express those wishes themselves.
For example, if someone has strong views about the type of medical treatment they would like to receive, or if they would like to specify where they would like to receive care, having an LPA in place will ensure that those wishes are respected.
It is important to consider arranging an LPA as early as possible, as capacity might be lost suddenly, for example due to an accident, or gradually over time due to illness.
It is also important to choose an attorney who you trust and who is familiar with your wishes and values, as they will be making decisions on your behalf.
It is also possible to appoint more than one attorney, and to specify what should happen if one of them is unable to act.
How Can Fit to Retire Help?
Fit to Retire is a company that can help individuals establish an LPA if they do not already have one in place.
We utilises the skills of a team of experienced and qualified solicitors who can ensuring that their clients' LPA meets their specific requirements.
Fit to Retire is a company based in Dorset, dedicated to helping individuals plan for their future, and offers a range of services to help individuals make the right decisions about their health and welfare, as well as their property and financial affairs.
Wills, Trusts & LPA form part of a combined estate planning structure for many clients wishing to maximise their legacy, and minimise their inheritance tax liability.
Our Simple Inheritance Tax Guide can be downloaded free of charge here.
To arrange an LPA with Fit to Retire, call us on 01202 070071 or visit our website at www.fittoretire.co.uk to book an estate planning review.
Fit to Retire is committed to providing high-quality, affordable and accessible services.
In conclusion, arranging a Lasting Power of Attorney for health and welfare is an important part of estate planning.
It ensures that an individual’s wishes are respected and carried out even if they are unable to express those wishes themselves, and it can give peace of mind to the individual and their loved ones.
Executive Advisor, Poole
Fit to Retire Ltd is an executive advisory business based in Poole, Dorset.
We provide business strategy advice to IT business owners, and we introduce our clients to qualified financial advisers for advice on savings, investments, inheritance tax planning and protection (including insurance products).
Contact us by telephone on 01202 070071.
Contact us by email at clientcare@fittoretire.co.uk
Fit to Retire Ltd is located at: FOUNDRY, The Dolphin Centre, Poole BH15 1SZ
Whilst this article provides some information related to personal finances, it should not be construed as personal financial advice. For personal investment advice please contact Fane Financial Services.
It is important to remember that investments can go up as well as down in value, and any investment you make should be assessed for its risk profile and its appropriateness for your circumstances.
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