A Lasting Power of Attorney is an advance planning document, just like a Will, in which you make it before the happening of an event, i.e. before losing your mental capacity.
It allows you to protect your interests (health, financial matters) by indicating your personal choice of a proxy decision maker (attorney or donee). He is usually someone you trust to be reliable, competent and capable to act and make decisions on your behalf should you lose your mental capacity.
In brief, the benefits are:-
- the decisions you want to be made on your behalf if you lose capacity to make them yourself
- the people you want to make these decisions
- how you want the people to make these decisions
By planning ahead, it also alleviates the difficulties faced by your loved ones to obtain a court order for a guardian (called a “deputy”) (who may not be your choice) to decide on your personal affiars should you lose your mental capacity. Application to court can cost substantial legal costs and expense as well.