We all prefer to make our own decisions in life, something we spend 18-20 years learning, before mum and dad reluctantly hand over the reins, and we are now responsible for our actions. While not all of us make the best choices in life, we still demand the right to decide what we do and where we go, and as a person approaches old age, there are things that need to be considered. While many elderly people reach their nineties and are still mentally sound and can make decisions that ultimately affect their lifestyle, some people lose a portion of their mental capacity, and with common diseases like Alzheimer’s and dementia, it is wise to make provisions, and with lasting power of attorney, a trusted family member can make decisions on their behalf.
Comfort in Our Later Years
You have led a very productive life and as the time approaches for retirement, your thoughts should turn to yourself, and your immediate and future needs. As the breadwinner of the family, you have made many sacrifices to help family members achieve their goals, and with a successful career behind you, it is time to take a look at the future. Obviously, we all trust our own judgement, but what if we are unable to think logically and analyse our options? We might have our heart set on doing something that could prove to be unwise, and as you are in control of your estate, no one can intervene, whatever you decide to do.
Lasting Power of Attorney
A lasting power of attorney (LPA) gives the authority to an appointed person, to make any decision on your behalf, and with your best interests at heart, they would exercise this right in accordance to how you would. Of course, the appointed person would be chosen by you, and only this person has the right to make any decisions regarding your welfare. It might be a relocation, for example, if an elderly person has reached the point where they require daily assistance, the LPA allows that trusted family member to look at all the options, which would include live in help, or a retirement village, and the decision would be theirs alone, ensuring the best solution is found.
Choosing the Right Time
Exactly when the LPA begins would be entirely up to you, and you can also decide exactly what the LPA consists of, in terms of the power to make decisions. Lasting power of attorney gives an elderly person the flexibility to entrust decision making to a nominated person, who might be your partner, or perhaps your eldest child, at any time and to any degree. There does come a time when a person realises their mental capacities are not what they used to be, and if you had the foresight to set up an LPA, you can rest assured that your best interests will always be paramount.
If you would like to talk to an expert about LPA and how it can be best utilised for you, an online search will lead you to a reputable legal firm who can help with every aspect of will writing.