Lasting Powers of attorney
What is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a legal document that lets you (the donor) appoint one or more people (the attorneys) to look after specific aspects of your financial affairs or health and welfare should you be unable to manage.
This can be because of losing capacity (in the event of dementia or a stroke, for example) or in circumstances that are not permanent. For example, if you have a car accident or operation and your recovery time impairs you. In the cases of incapacity not being permanent you can take back control once you have recovered.
There are 2 types of LPA:
- Health and Welfare
- Property and Financial Affairs
You can choose to make one type or both.
Health and welfare lasting power of attorney
Use this LPA to give an attorney the power to make decisions about things like: your daily routine, for example washing, dressing, eating medical care, moving into a care home, life-sustaining treatment. It can only be used when you’re unable to make your own decisions.
Property and financial affairs lasting power of attorney
Use this LPA to give an attorney the power to make decisions about money and property for you, for example:
managing a bank or building society account, paying bills, collecting benefits or a pension, selling your home.
This can be used as soon as it’s registered, with your consent.
Who can have an LPA?
One misconception about LPAs is that they are just for the elderly. Not at all! Anyone has the risk of becoming incapacitated through accident or unexpected illness. If you do not have an LPA in place and later become mentally incapacitated, relatives may face long delays and expense in applying to the court of protection to get access and take control of your assets and finances. LPAs are designed to be recognised by financial institutions, care homes and local authorities, as well as tax, benefits and pension authorities. They are legal documents and many of our clients set one up when they are writing or reviewing their Will.
How can we help?
To set up a no obligation meeting to discuss setting up an LPA please get in touch.
