3. SET UP A LASTING POWER OF ATTORNEY A valid will guarantees that your assets will be managed in accordance with your wishes after your death. But what happens if, before your death, you are incapacitated and unable to make financial decisions yourself? The answer is that you set up a Lasting Power of Attorney (LPA). This means that you can appoint someone, or a group of people, to manage your financial affairs if you lose the mental capacity to make decisions. They will then make decisions on your behalf. This will cover how your finances are managed, including your investments, pensions, and property. An experienced estate planner will be able to advise you on how to set up an LPA, who you may wish to nominate to act on your behalf, as well as any key stipulations you’d like included within the legal document. Key point – A Lasting Power of Attorney gives you the comfort of knowing that someone you trust will manage your financial affairs if you are no longer able to. 4 KEY REASONS TO SET UP A LASTING POWER OF ATTORNEY: 1. , You get to choose who acts on your behalf if you’re no longer able to. 2. You can set specific instructions in the LPA doc ument that have to be followed. 3. You can separate different assets. For example, if you own a business, you can have an LPA set up specifically for the running of your company. 4. You will have the comfort of knowing your financial affairs will be managed by someone you know and trust.