Preparing a Lasting Power of Attorney (LPA) is incredibly important no matter what stage of life you are at. It can help you safeguard your future by appointing someone to make health and finance decisions on your behalf should you lose the ability to make those decisions yourself.
Preparing an LPA enables you to:
- Plan for the future and protect yourself financially.
- Reduce any potential family conflict by clearly setting out your wishes regarding your finances and health.
- Decide who you would want to act as your attorneys and specify any instructions or preferences you want to apply.
- Control how and when your LPA can be used.
Contrary to popular opinion, LPAs are not just reserved for the elderly, as mental capacity can be lost at any stage, even if only on a short-term basis – through accident or illness. What many people don’t realise is that without an LPA their loved ones would not be able to access and manage their finances or make decisions about their healthcare.
Whilst it is possible to prepare an LPA yourself, it can be a lengthy and complicated process, meaning it is easy for mistakes to be made – often unknowingly. Last year over 51,000 LPA applications were rejected by the Office of the Public Guardian due to errors in the preparation of the documents.
Because of the complicated nature of these documents, and the legal significance of them, many individuals seek advice from a solicitor to assist them with the preparation of their LPAs.
Below we explore the main benefits of using a solicitor vs preparing the documents yourself.
Avoiding errors
A solicitor specialising in the preparation of LPAs will have extensive experience in advising on and preparing health and financial LPAs to meet your specific requirements. This will ultimately help avoid any issues further down the line.
The paperwork can be complicated, and it is therefore very easy for mistakes to be made unknowingly. This can lead to the application being rejected or result in it being invalid when it’s needed most. A solicitor can ensure that your LPAs comply with all necessary laws and regulations and endure that your loved ones can use them with ease when and if needed.
Estate Planning
Preparing an LPA is just as important as preparing a Will. And much like a Will, an LPA is unique to the individual who prepares it, meaning if you have particularly complex circumstances then it is even more important that specialist legal advice is sought.
LPAs are often considered at the same time as preparing a Will, usually meaning both documents can be discussed with the same solicitor.
Expertise and experience
Your solicitor will get to know you and your personal circumstances, enabling them to provide tailored advice specifically for you. They can help advise on the appointment of attorneys and advise on any specific wishes or wording you may wish to include in your LPAs. They will ensure the wording meets your wishes and does not invalidate the documents.
In addition to the above, using a solicitor should provide you with peace of mind that your documents have been prepared by someone with the relevant experience and understanding of the process. Solicitors have a duty of care to act in their client’s best interests and are heavily regulated in the unlikely event that something goes wrong.