Who would make decisions for you if you could not?
A Lasting Power of Attorney, often called an LPA, is a legal document. It lets you choose someone you trust to make certain decisions for you if you cannot make them yourself.
You must put an LPA in place whilst you can still understand what it means and make your own decision.
Putting plans in place early can give you more control and make things clearer for the people close to you.
Talking about your wishes can help the person you choose understand what matters to you.
An LPA lets you choose one or more people to make decisions for you. These people are called attorneys.
Your attorney must act in your best interests. They should follow any wishes, preferences or instructions you have included.
You can choose when your attorney can make decisions. You can also choose how more than one attorney should work together.
If you become unable to make some decisions, family members may not automatically have the legal right to make them for you.
This can make it harder to deal with your money, property, health or care.
An LPA can help you:
The decisions an attorney can make depend on the type of arrangement.
They may relate to:
You can set out your preferences and instructions when making the arrangement.
Choose someone you trust. They should understand your wishes and be comfortable with the role.
Think about whether they:
Talk to anyone you are considering before you appoint them.
You can also choose a replacement attorney. This person can step in if your first choice cannot act.
An LPA is more useful when the people you choose understand what matters to you.
You may want to talk about:
Keep your LPA and contact details up to date. Review them after major changes in your life, such as divorce, illness or the death of an attorney.
If you lose the ability to make decisions and do not have an LPA, your family may not automatically have the authority to make decisions for you.
They may need to apply through a legal process to be allowed to act. This can take time and may cost money.
An LPA is used whilst you are alive. It ends when you die.
A will explains what should happen to your money, property and belongings after you die.
It is helpful to review your LPA, will and wider financial plans together.
Read our guide to Inheritance Tax
The name of the document, the rules and the registration process can differ depending on where you live.
England and Wales use Lasting Powers of Attorney. Scotland and Northern Ireland have different arrangements.
Make sure you understand the rules that apply where you live before making any decisions.
Start by thinking about who you would trust to make decisions for you.
Talk to the people you are considering. Let them know what matters to you and ask whether they are comfortable with the role.
A solicitor or legal specialist can help you understand the document and rules that apply where you live.
A regulated financial adviser can help you consider how an LPA fits with your wider financial plans, including your savings, investments, pensions and estate plans.
Explore how longer lives are changing the way families give, receive and pass on money. Our latest research explores the timing, purpose and impact of wealth transfers, and how families can support each other whilst protecting their own future.
As life changes, so do your financial priorities. Speak to a financial adviser to explore solutions tailored to your goals, circumstances and long-term plans.
This information is intended as a general guide only and is not personal financial, legal or tax advice. Consider taking appropriate financial, legal or tax advice before making decisions about retirement, savings, investments, gifting, inheritance, estate planning or family support.
