It’s important to make a Lasting Power of Attorney (LPA) so you can be looked after by the people you trust if you’re ever unable to look after yourself. You can’t make an LPA once you have lost mental capacity, so, like a Will, you must make this important document long before you may need it. There are two types of LPA, one which gives your attorney(s) the power to make decisions regarding your health and welfare and the other your property and financial affairs – it’s most common to make both at the same time so you can be fully cared for in your time of need. One of the biggest decisions you’ll need to make is who will be your attorney(s), so let’s jump in and discuss this.
Who Should I Choose To Be My Attorney?
Being given the power to handle another person’s affairs is a huge responsibility, so you should choose your attorney(s) wisely. Think about the people you trust most in your life, the people who you know will always act in your best interests, and then identify what qualities each person has that could make them a good fit. For example, if one of them is very loving and caring but not so good with finances, he or she could be a good fit as your health and welfare attorney. If another person is great with finances, perhaps owning a business or rental property, he or she could be appointed as your finances and property attorney. The next step is to speak to your chosen attorneys to ensure they are willing and able to take on the responsibility. You can appoint the same attorney for both of your LPAs if you wish and you can also appoint multiple attorneys to make decisions collectively.
Should I Choose More Than One Attorney?
It’s a good idea to choose more than one attorney if possible. Not only does this relieve the pressure of the role by sharing the responsibility, but it also encourages decisions to be made collectively. Two heads are usually better than one after all. However, we recommend you don’t give more than four attorneys the same powers, as this could make decision-making less efficient. You should also ensure the people you choose have a good relationship with one another and work well as a team. For example, if your children don’t get on well with their stepmother, it’s probably not a good idea to give them all the same powers as this could lead to arguments. Having multiple attorneys also acts as a safety net, because if one of your attorneys is unwilling or unable to take on the responsibility when the time comes, the others can handle your care without lengthy and expensive court procedures.
Should I Have a Reserve Attorney?
Alongside your attorney(s) you can also appoint one or more reserve attorneys. Reserve attorneys won’t have any powers immediately, but if at any time your main attorney(s) is unable or unwilling to continue, for example, if he or she passes away, then your reserve attorney can step in to handle your affairs. However, this will not be as seamless as when you have appointed multiple main attorneys. Before your reserve attorney is able to take control, your LPA will need to be sent to the Office of the Public Guardian to be updated, which can take up to eight weeks.
The Bottom Line
Deciding to make an LPA whilst you’re still fit and healthy is a smart decision, one that will ensure you can be looked after by the people who love you in your time of need. However, out of all the people who love you, some may be better suited to the role of attorney than others. It’s important you choose someone who you trust and who you believe can handle the responsibility. You should also talk this through with your chosen person to make sure he or she is willing and able to take on the role. You may also want to consider choosing more than one attorney, but we recommend you don’t appoint more than four and that you choose people who get along with each other well. You may also want to appoint a reserve attorney in case your main attorney is unable to take on the role when the time comes.
Here at Michael Usher Wills & Estate Planning, we’ve been helping our local community with LPAs for over 30 years! Please get in touch and our friendly team of experts will answer all of your questions for free. Call us on one of the numbers below or book a FREE consultation. We look forward to helping you and making sure you and your family are fully protected!
Camberley: 01276 691979
