2: Seven reasons why you should make an Lasting Power of Attorney (LPA)
Part of the Definitive Guide to Making a Lasting Power of Attorney
Facing your own mortality is hard and it’s easy to put getting your affairs in order to the bottom of the list of priorities. But here are seven reasons why making a Lasting Power of Attorney right now is a good idea, especially if you are fit and well.
1. Accidents happen every day
Just because you are healthy now doesn’t mean a thing. Whilst I hope you have a long and healthy life with plenty of time to enjoy it, accidents happen. In the blink of an eye your life can change. If you don’t have your affairs in order it will add to the burden for your loved ones.
2. People get sick every day
Whilst many illness do progress slowly, some can be highly aggressive. LPAs will take a minimum of around 3 months to put in place and you can only do so while you have mental capacity. And if you are diagnosed with a condition that means your mental capacity will deteriorate quickly wouldn’t it be better to use your remaining healthy time making memories with those you love rather than frantically sorting out and worrying about your paperwork?
3. Once it’s done, it’s done.
I don’t know about you but I find stressful to know I need to do something and have it hanging over me. Not having my affairs in order makes me feel exposed and worry about what will happen if I can suddenly no longer take care of myself and my affairs. It’s a weight lifted off my shoulders to finally get my LPAs completed.
4. It’s much easier to plan ahead than for your loved ones to put something in place when you’ve lost mental capacity.
If you don’t have an LPA and lose mental capacity it’s an expensive and time consuming process for your loved ones to be able to manage your affairs. Do it now and it saves time, effort, money and heartache.
5. Be proactive, it’s an act of love
Putting your affairs in order and expressing what you want to happen in the management of your affairs, will make life easier for your loved ones.
If you do this while you are healthy, you can be clear on your wishes and make objective decisions. If you leave it until you are diagnosed with a condition, even if you still have mental capacity, you may need help from others to complete it. This will be at a time when both you and they will be dealing with the emotions regarding the loss of your health and the implications for their own lives and families.
Tackle the hard stuff now and it could make life easier for both you and your loved ones.
Do it now, for them.
6. You can make objective decisions now
It is much more straightforward to make decisions without emotion involved. Think how much harder it would be to think objectively about what you want to happen if you’ve just had some bad news about your health. You risk being overwhelmed by emotion and the whole process will be harder because of the circumstances.
If you put LPAs in place while you are healthy, it is much easier to make rational decisions.
7. You can always change it if you need to
Whilst it isn’t actually possible to change most aspects of LPA, you can revoke it and put a new one in place. This will mean you need to pay the fee over again. However £82 (if you take the DIY approach) for peace of mind is well worth it for most people. We pay hundreds each year in to protect us against other ‘what ifs?’ (car insurance, home insurance etc); £82 for protection of our affairs if we lose mental capacity seems like a small price in comparison.
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