A lasting power of attorney is a great way to give yourself peace of mind for the future, just like making a will. Here, we'll look at the main benefits and how you can get yours from the comfort of home.
A lasting power of attorney is a legal document that lets you choose people you trust to act on your behalf. If anything happens in the future that means you can’t make important decisions, they’ll be able to act with your best interests at heart.
There are two different types of lasting power of attorney:
Your will sets out what you want to happen to your accounts and property after you die, and it also appoints executors to take responsibility for those things for you.
A lasting power of attorney sets out the instructions you want people to follow while you’re still alive, in case you can’t make decisions for yourself. These people are called your “attorneys”.
Your attorneys should be people over 18 who you trust to act in your best interests, such as:
You can choose up to four attorneys if you wish, but most people appoint two along with a couple of backups. You can also choose different people to look after your health and finances, which can be helpful if you think these decisions are better-suited to particular people.
It costs £180 to make a lasting power of attorney. This includes both your health and financial documents. You'll then need to register them with the Office of the Public Guardian (OPG), which costs £164. We can talk through how to do this over the phone.
If you have an accident or illness that means you can’t look after your affairs anymore, your next of kin can’t automatically make decisions for you unless you have a lasting power of attorney.
If your family wanted to act on your behalf without one, they’d need to apply to become a deputy, which is a long and expensive legal process that can cost over £800. In comparison, planning ahead with a lasting power of attorney costs just £180.
Your lasting power of attorney should include legal instructions about your health and finances, such as:
It can also include some non-legal guidance for your attorneys. These are designed to help them make decisions for you, and can include things like:
It’s never too early to protect your future, so you should make a lasting power of attorney as soon as you know what instructions you’d like your family to follow. For most people, this is a natural next step after making a will.
One of our specialists will give you a call back to help get your Lasting Power of Attorney sorted.