Lasting Power of Attorney
There are many reasons why there may come a time that you might be unable to make decisions for yourself, maybe through illness or injury. However, if this were to happen, it’s important you make your wishes clear in a legal document known as a Lasting Power of Attorney (LPA).
Giving someone Lasting Power of Attorney over your affairs before you become unable to do so saves your loved ones from a potentially lengthy and expensive process with the Court of Protection, allowing them to take care of things if something happens to you.
There are two types; Property and Finance, and Health and Welfare. They both allow your appointed attorneys to act on your behalf, but for different areas of your life.
Property and Finance LPA
With a Property and Finance LPA, your attorneys deal with your bank accounts, sign paperwork relating to your finances, for example, equity release, and deal with utility bills and solicitors. You can instruct your Property and Finance attorney to take control at any time.
Health and Welfare LPA
With a Health and Welfare LPA, your attorney usually acts on your behalf when you’re no longer of sound mind. This can be to discuss medical issues with your doctor, make decisions about your healthcare and deal with social services.
What if I don’t make an LPA?
- Your family can’t make any decisions about your welfare or finances
- Loved ones must go through court to gain control; a very long and costly process
- Your family will still have limited power even if passed by court
- Your partner may be unable to access joint bank accounts
- Doctors will make decisions about life-sustaining treatment, not your family
- You may not receive the care you need because your home can’t be sold
- Increased stress for your loved ones at an already difficult time
When should I make an LPA?
There’s no specific age you should consider taking out an LPA. However, they can only be made while you still have full mental capacity, and you never know when you may need one.
Get in touch with us today to discuss LPAs and how they could help you both now, and in the future.