What are lasting Powers of Attorney?
In England and Wales, a lasting power of attorney (LPA) is a document which states that you have given someone else (usually a family member, partner or close friend) the right to manage your financial, personal and other affairs on your behalf. That person becomes your ‘attorney’. You can only give someone the power of attorney if at that time you have the mental capacity to understand the meaning, implications and consequences of your decision. Disabled people or vulnerable individuals with the mental capacity to make their own decision about a LPA may find this a very helpful way of protecting their affairs either now or in the future.
Who can be an attorney?
You can choose your own attorney, who should always be someone you like and trust. For a lasting power of attorney you need to appoint someone who is aged over 18 years and is neither an undischarged or interim bankrupt.
Different types of LPA
There are two main types of LPA:
- A health and welfare LPA gives your attorney the power to make decisions on your behalf about personal care issues such as moving into a residential care home, personal care and medical treatments.
- A property and financial affairs LPA empowers your attorney to make decisions about your property and finances - perhaps dealing with your home, paying bills or collecting any pension and benefits due to you.
Should I make a lasting Power of Attorney?
Obtaining a lasting power of attorney is a wise precautionary step for most people. It means that should you lose your mental capacity due to accident, illness or old age, your affairs can be safely managed for you by your appointed attorney.
Want to know more about lasting power of attorney? Please do not hesitate to get in touch.