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Hammersmith solicitor Aisling Wogan at Hubbard Pegman and Whitney solicitors reviews the benefits of making a Lasting Power of Attorney.
We cannot predict the future, however we can choose who looks after our finances and/or our health in the event that we can no longer do this ourselves by making Lasting Powers of Attorney (LPAs).
There are two types of Lasting Powers of Attorney: one for financial decisions and one for health and care decisions.
A donor is the person who appoints the attorney/s. The donor can make one or both types of LPAs and can choose the same or different attorneys for both LPAs. There are different options for the way that the attorneys can make decisions if more than one attorney is appointed. The attorneys must always act in the best interests of the donor and can only make decisions for them if they have done everything they can to help the donor to make a decision – therefore the donor does not lose their autonomy by making an LPA!
It is important for the donor to appoint attorneys who they know and trust, for example a family member or a close friend. An alternative option is to appoint a professional attorney such as a solicitor. Professional attorneys charge for their services, therefore it is always best to check their charge rates before they are appointed.
One of the many benefits to making LPAs is that they can be tailored to meet an individual’s needs and circumstances through providing ‘Preferences’ and ‘Instructions’. The attorneys should take preferences into account when making decisions but do not necessarily have to carry them out but they must follow instructions.
Having LPAs in place provides certainty to a donor should anything happen to them in the future and avoids the need to make an application to the court to appoint a deputy.
If you would like any further information on making an LPA, please contact our private client department. Please ask for Aisling Wogan on firstname.lastname@example.org