Lasting Power of Attorney arrangements are less well known than wills, although they are arguably more important to the person considering their future. It’s also easy to set up an LPA online, making the process easier than ever. Let’s take a closer look and debunk four common misconceptions.
LPAs mean handing over control
An LPA is more like an insurance policy. You hope you’ll never need it, but it’s there if you do. So when you set one up, it only comes into effect if you lose the mental ability to make decisions for yourself.
LPAs can’t be changed
Once they are set up, LPAs can still be changed by the donor at any time. They can also be withdrawn. The document remains in the donor’s control.
Attorneys can do what they like once appointed
Not at all. For example, there are specific rules in place around managing finances and gifting money. An attorney can’t simply gift money to other people, or themselves, for example, on the basis that it’s ‘what the donor would have wanted’, if the donor has lost mental capacity.
LPAs are complex to set up
Not at all. In fact, it is now possible to set up your LPA online, at sites like //powerofattorneyonline.co.uk. This makes the process quick and easy.
A Lasting Power of Attorney can ensure your medical and financial decisions are made by people you trust, if you ever lose mental capacity. They are a valuable document to have in place should the worst happen, and a great insurance policy for your peace of mind.