A lasting power of attorney is a legal document that allows you to appoint one or more people to make decisions on your behalf during your lifetime, should you be unable to do so for yourself.
What is a Lasting Power of Attorney (LPA)?
A lasting power of attorney is a legal document that allows you to appoint one or more people to make decisions on your behalf during your lifetime, should you be unable to do so for yourself. The people you appoint to manage your affairs are called your attorneys.
A lasting power of attorney is a separate legal document to your Will. The wishes you record in your Will come into effect upon your death, whereas the wishes recorded within your LPA can be used during your lifetime. Many people put both a Will and LPAs into place at the same time as part of planning for the future.
What is a Lasting Power of Attorney (LPA) actually used for?
There are two types of LPA:
1. Property & Finances
This type of LPA allows your attorney to deal with your financial affairs, for example to pay your bills, sell your property or investments and operate your bank accounts. With this LPA, your attorney can use it whilst you still have capacity, should you choose to give them permission to do so. This can be helpful if you are unwell or on holiday for an extended period of time.
2. Health & Welfare
This type of LPA allows your attorney to make decisions about matters such as your medical treatment, your diet, where you live and how you spend your time. Unlike the LPA for property and financial affairs, your attorney can only use it if you have lost the mental capacity to make decisions yourself.
Why is a Lasting Power of Attorney so important?
If you ever become unable to express your wishes, an LPA enables your chosen attorney to step in and make decisions for you about your health and care or your finances, this person is someone that you trust to have your best interests at heart and choose what is right for you in your circumstances.
Without an LPA, if you need someone to step in and manage your finances in the future, their only option will be to apply for a Deputyship Order through the Court of Protection. This can be a costly, complex and lengthy process, which is not always successful.
Once your LPAs are in place, you can have peace of mind that someone you trust can look after your affairs if you're ever unable to yourself, because of an illness or accident. You can include instructions for your attorneys, to help them make the right choices for you which reflect your wishes.
It is important to note that you can only put an LPA in place whilst you are capable of understanding the nature and effect of the document. If you wait until it's needed, it is often too late for you to put an LPA in place. Sadly, this happens too often and the only alternative route is expensive and time-consuming.
Do not delay - speak to one of our experienced team members today to discuss making your Lasting Powers of Attorney.
