Lasting Powers of Attorney
Many of us do not think about making a Lasting Power of Attorney (LPA), which is equally important as a Will. Like a Will, it is essential you make an LPA as early as possible, to prepare you for every eventuality.
An LPA is a legal document allowing you to appoint someone you trust (your Attorney) to make decisions on your behalf should you become mentally incapable of dealing with your own affairs. Many believe they do not need an LPA until they are elderly but this is not necessarily the case.
If you do not make an LPA and you become mentally incapable of managing your financial affairs, somebody (usually a close relative) must apply to the Court of Protection for a “Deputy” to be appointed to manage your financial affairs. The application is lengthy and can take several months to process. In addition there are several different court fees to consider and additional fees for further directions e.g. sale of property.
There are two types of LPA and you can choose whether to make one or both types:
Property and Affairs LPA
This allows your Attorney to make decisions about your property and financial affairs. This may include paying your bills and potentially, selling your house. You can put restrictions and conditions on your Attorney’s powers in the LPA if you wish.
Personal Welfare LPA
This allows your Attorney to make decisions about your personal welfare, which may include giving or refusing consent to medical treatment. Decisions under a Personal Welfare LPA can only be made on your behalf when you lack the capacity to make them yourself.
The team is happy for you to ask us any questions about LPAs and should you wish to make an LPA, please feel free to contact us.