Preparing For The Future With Lasting Power of Attorney

A legal mechanism designed to protect your interests when you need support the most.

Planning for the future is an important task that many of us tend to delay, often because we’re caught up in the busyness of everyday life. Yet, life is unpredictable, and having appropriate safeguards in place can offer reassurance during challenging times. One such safeguard is creating a Lasting Power of Attorney (LPA)—a legal mechanism designed to protect your interests when you need support the most. An LPA doesn’t simply prepare you for the unexpected; it also ensures that your wishes are respected in situations where you may lose the capacity to make decisions. Our tailored expertise can secure peace of mind for you and your loved ones, ensuring that your future is managed exactly as you intended.

Exploring the two essential types of LPA

When it comes to LPAs, it’s not a “one-size-fits all” solution. Different aspects of our lives require distinct safeguards, and the two types of LPA reflect this diversity. The first is the Property and Financial Affairs LPA, which allows trusted individuals, known as attorneys, to step in and make decisions related to your finances. This authority includes everyday tasks such as managing bank accounts, paying household bills, organising investments, or even selling property when required. The second type is the Health and Welfare LPA. This empowers your chosen attorneys to make decisions about your health and personal welfare. From critical medical treatment options to decisions about your living arrangements, this type of LPA ensures that your personal care is handled according to your preferences, even when you can’t communicate them yourself. For example, you may want to stipulate preferences regarding palliative care or specific living environments—a Health and Welfare LPA ensures these wishes are both recorded and carried out.

Risks of waiting too long

Procrastination is often the greatest barrier when it comes to preparing for the future. Many people avoid setting up an LPA because they see it as something they’ll only need in old age or in extreme circumstances. However, this mindset overlooks the stark reality that an LPA must be arranged while you possess full mental capacity. Waiting until a health crisis or an accident leaves you incapacitated can result in extensive legal complications, with loved ones forced to apply for court orders to step in. This process can be both costly and time consuming for families already grappling with emotional stress. Furthermore, the lack of legal clarity could result in decisions being made that don’t align with your true wishes. By taking action early, you can avoid these risks altogether. Setting up an LPA ensures that you retain control over your future and removes uncertainty for those closest to you. It’s an invaluable step towards financial security and dignity during life’s most critical moments.

Why expert guidance matters

Our expertise removes the guesswork by meticulously guiding clients through each step of the process. From selecting the right type of LPA to customising the document according to your unique circumstances, their team ensures that every decision reflects what’s most important to you. Importantly, working with Horizon Wills and Trusts not only provides clarity but also protects the legal integrity of your LPA. Incorrect filing of documents or unclear instructions could render your LPA invalid in the eyes of the law, potentially negating its purpose. Our personalised approach, coupled with their deep understanding of legal requirements, ensures complete compliance and lasting security. Their friendly and proficient manner turns what might seem like a daunting process into one that is simple and empowering.

Why acting now is crucial

Beyond the legal and practical safeguards, having an LPA in place offers significant emotional benefits. Life is full of unexpected changes—relationships shift, financial priorities evolve, and health conditions may fluctuate. By creating your LPA today, you not only secure your future but also ease the decision making burden on your loved ones, sparing them from difficult or speculative choices later on. For instance, in an emergency medical situation, your chosen attorney can confidently act according to your documented preferences without being haunted by uncertainty. Similarly, in financial matters, your LPA can eliminate red tape, ensuring that bills are paid or property transactions are handled swiftly without prolonged delays. Proactively addressing these issues with the support of our highly experienced team ensures that you’ll always remain in control, no matter the circumstances.

Start planning today

The importance of planning cannot be overstated when it comes to protecting yourself and your loved ones. Don’t wait for a crisis to remind you of the value of preparation. By taking the proactive step of setting up a Lasting Power of Attorney, you’re securing not just your financial and personal interests but also the well being and certainty of your family. To find out more or arrange a consultation, contact me. With expert guidance and dedicated professionalism, I’ll give you the confidence and clarity you need to plan for the future—you and your family deserve nothing less.

ARTICLES DO NOT CONSTITUTE TAX, LEGAL, OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.

THE FINANCIAL CONDUCT AUTHORITY DOESN’T REGULATE WILLS, TRUST PLANNING AND MOST FORMS OF INHERITANCE TAX (IHT) PLANNING. SOME IHT PLANNING SOLUTIONS PUT YOUR MONEY AT RISK, AND YOU MAY GET BACK LESS THAN YOU INVESTED. IHT THRESHOLDS DEPEND ON INDIVIDUAL CIRCUMSTANCES AND THE LAW. TAX AND IHT RULES MAY CHANGE IN THE FUTURE.