Preparing for someone else to manage your finances or welfare affairs can be a tricky time – and it’s vital to make the right choice when selecting your attorney. After all, they’ll be making big decisions for you, so you’ll need to feel totally confident that they’ll act in your best interests.
Who can be an LPA and how many can I have?
In theory, you can choose anybody – but they’ll need to be an adult and over the age of 18. Many people consider their family members, like adult children, siblings or cousins, or trusted close friends. You can pick more than one too, and for each attorney you choose, you can define which area of your affairs they’ll deal with, and how they should work together. When it comes to your financial affairs and assets such as property, however, your LPA can’t be bankrupt or have a debt relief order. For example, your adult daughter could manage your finances, and your brother could make health and welfare decisions for you. You have choices and flexibility, and you can also give someone power of attorney for a fixed period of time.
Important factors to consider
Choose your LPA carefully – they’ll be making really important decisions on your behalf, so you’ll need to feel able to trust them implicitly. Your LPA should be somebody that understands you and your circumstances, that you’re able to be open with and trust with your finances and health and welfare. They’ll need to be both reliable and also resilient, as it’ll be a big responsibility for them too. It may be best to choose somebody younger than you wherever possible.
How do I get started?
You can speak to a specialist solicitor, or you can also access information about appointing a lasting power of attorney online. Some websites, such as Power Of Attorney Online, can help you with a step-by-step application.
Overall, although it may be a tough decision, opting for trustworthy, reliable family members or friends who know you and your wishes well will stand you in good stead.