3 Things Every Lasting Power of Attorney Should Include
1. Appoint Replacement Attorneys
It's important to understand that there is every possibility that one of your attorneys will stop being able to act for you before you need them. This can happen for a number of reasons and is particularly the case when you consider your LPA will be in effect for the rest of your life.
If an attorney does stop being able to act for you, it will mean that not only will they be unable to help, but your entire LPA could be at risk of automatically terminating depending on how it is drafted.
The solution? Consider appointing replacements to step in should one of your attorneys no longer be able to act for you.
If you choose to instruct us to draft your LPA, we'll raise it with you during your consultation.
2. "Jointly for Some Decisions, Jointly & Severally for Other Decisions"
When creating an LPA you’ll be asked to decide how your attorneys should work together. Should they make all decisions unanimously (‘Jointly’) or can they make decisions independently of one another (‘jointly and severally’)?
Alternatively, you could allow your attorneys to act ‘jointly for some decisions, and jointly and severally for others’. In many ways this represents the best of both worlds as it allows for urgent or routine tasks to be handled efficiently without needing unanimous consent, while still upholding the integrity of more significant decisions.
Again, we'll talk this through with you (noting particularly which of the 'big' decisions you want to be made unanimously).
3. Think About Your Preferences & Instructions
Preferences and Instructions are the written record of what you want, guiding your attorneys in their decision making.
You don't have to include any Preferences and Instructions and your attorneys will benefit from the flexibility not doing so brings. However, the really important things should be noted.
Giving this due consideration will make sure you get the most out of your LPA.
Our service includes discussing Preferences and Instructions as standard.
Arrange your Lasting Power of Attorney Today
Talk with a solicitor and have them create your LPA for you. Get the peace of mind that it is in hand and in order.
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