Lasting Powers of Attorney (LPAs) are often considered more important than wills due to their distinct purposes and the protection they offer. Why?
An LPA allows you to appoint someone (an “attorney”) to make decisions on your behalf while you’re alive but unable to do so yourself. This could be due to illness, mental incapacity, or physical disability. In contrast, a will only takes effect after your death and deals with the distribution of your assets.
LPAs cover both financial affairs (Property and Financial Affairs LPA) and healthcare decisions (Health and Welfare LPA).
With a Property and Financial Affairs LPA, your attorney can manage your finances, pay bills, and make decisions related to property.
A Health and Welfare LPA allows your attorney to make choices about medical treatment, care, and other personal matters.
A video briefing from ITV's The Martin Lewis Money Show Live – Tuesday 14 March 2023 discusses the ‘Property and Finances’ LPA
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