Protecting Your Future: Lasting Power Of Attorney
Although we don’t like to think about it, there may become a time in our lives when we are unable to make important decisions for ourselves. This could be due to illness, old age or an accident. If you do lose capacity, most people assume that family members automatically have the right to make decisions on your behalf. However, this is not always the case.
A Lasting Power of Attorney may be the most important document you ever write. It allows the people you want to manage your affairs and to make decisions on your behalf, including how your money is spent, should you ever lose capacity.
This latest article explains why it is important, whatever your age, to have peace of mind and confidence in your future affairs.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a legal document that enables a person (or persons) you trust to make important decisions on your behalf, should you be unable to make those decisions yourself because of a loss of mental capacity.
The individual who creates the Lasting Power of Attorney is known as the ‘donor,’ and will appoint one or more attorneys that they can trust to make decisions on their behalf. They must always maintain a duty of care and act in the donor’s best interests.
There are two different types of LPA – one deals with property and finances, the other deals with health and welfare decisions. The property and financial affairs LPA can enable someone to make decisions about money and property, for example managing your benefits payments, managing bank accounts and investments, and paying bills on your behalf.
The health and welfare LPA can enable decisions to be made about things like where you live, what you eat, the clothes you wear and what medical care and treatment you receive.
When should you make a Lasting Power Of Attorney?
You can only set up an LPA when you have mental capacity. If you were to be unexpectedly injured, develop an illness, suffer an accident or otherwise become mentally incapacitated, an LPA cannot be put in place.
In those circumstances, without a valid LPA, you run the risk of forcing your loved ones into potentially long, distressing and expensive court proceedings as they seek to take control of your finances and welfare.
You can appoint up to four people called ‘Attorneys’ to step in and make decisions for you. They all must be aged 18 or over and have the capacity to make their own decisions. Common choices include relatives, friends or a professional such as a Solicitor.
Our specialists are here to assist in the entire process, from completing the forms to overseeing the registration of your LPA with the Office of the Public Guardian (as is required to validate the document). We can also provide you with certified copies of the document for onward transmission to your banks, utility companies and other relevant contacts for registration in their records.
Please get in touch with our experts today to find out more.
