WILLS

Lasting Powers of Attorney (LPA’s)

What is an lpa?

A power of attorney is a legal document that allows someone to make decisions for you, or act on your behalf, if you're no longer able to or if you no longer want to make your own decisions.


In essence, nominating a power of attorney allows you to know exactly who will be making decisions for you, if you are unable or unwilling. 


There are 2 aspects to Lasting Powers of Attorney (LPA’s): Property & Financial and Health & Welfare. They are two different documents but are often paired together for your ultimate protection. 

Things to consider when writing your Will

Property and financial considerations for your LPA

Nominees

Nominating someone or multiple people to be your power of attorney for Property and Financial allows that person to make decisions for you with regards to everything financial. That means they can be a part of selling your property, they can run your business or they can access your funds to assist and maintain your way of life. It DOES NOT mean they have the right to just dip into your finances when ever they feel like it, ALL the decisions they make, MUST benefit you directly.

Business

If you are a business owner with partners, have you considered what would happen if you or the other partners were to lose the ability to make decisions for themselves?


Nominating powers of attorney for business, means you and all the partners know exactly who is responsible and how the business will run. 


Personal

On a personal perspective, have you considered how loved ones would access your money if you were unable to act for yourself?


These funds may be needed to pay bills, clear debts or simply keep Nominees food on the table. Again, without powers of attorney nominated, you have no way of knowing who will have access to your funds.

Health and welfare in an Lpa

Nominating someone or multiple people to be your power of attorney for Health and Welfare decisions is one of the most understated estate planning tools. By nominating an attorney for Health and Welfare, you are enabling your loved ones to have a voice at a time you don’t.


The biggest element of Health and Welfare is the ability to give your attorneys the authority to make decisions regarding life sustaining treatment. This is NOT a DNR, this is so much more than that. Your attorneys become your voice and your opinion when you are unable to speak for yourself. If you do not have anyone nominated, the decision will be made by someone you do not know, they will make the decision based on their opinions and values; not yours!


Lasting Powers of Attorney are simply allowing your loved ones to have a voice when yours is taken away. I know who I would want making decisions for me, do you know who you would want? 

contact us

ORCA offers free consultations to anyone interested in finding out more about the benefits of nominating your Powers of Attorney sooner rather than later. 


Get in touch to book your free appointment and understand WHY Lasting Powers of Attorney are so helpful to you and your loved ones (or business).

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