Lasting Powers of Attorney (LPAs)
How would you feel if you lost control of your finances, property and even medical decisions?
There may be a point in time when you become physically or mentally incapable of making decisions in relation to the crucial issues.
A Lasting Power of Attorney (LPA) is a legal document that allows you to plan who would be able to make decisions for you if you became unable to make them for yourself in the future.
Many people may have seen how a person’s life can be turned upside down by having no such provision in place but putting a LPA in place offers:
- Security for you and your loved ones by letting you decide what should happen if old age, illness or injury leave you unable to deal with your own affairs.
- You decide who can make decisions for you. They are known legally as your ‘Attorneys’.
- Allows you to maintain control until if/when you lose capacity.
- Choose who is told about your LPA should you feel the need to involve your wider family so that everyone is ‘on the same page’ with your wishes.
- Ensure bank accounts remain accessible so that bills do not go unpaid, helping to relieve stress and worry for your loved ones at a crucial time.
- Specify in the documents any wishes you would like your Attorneys to be aware of when it comes time for them to handle your affairs.
LPA options
- Health & Welfare – appoint one or more attorneys to make decisions in areas such as medical treatment or the type of care you receive. This can only be used when your capacity has been lost.
- Property & Finance – appoint one or more attorneys to make decisions in relation to your property and financial assets, such as selling your house, paying bills or swapping banks. You can specify whether it comes into force straight away or only when you have lost capacity.
- Property & Finance for Business Affairs – if you have business interests and you feel someone familiar with your business may be better placed to handle your business affairs rather than a member of your family then you can make an LPA specifically for your business assets.
If you chose more than one attorney you can allows them to act alone if required.
Once the LPAs have been made, if you can still make decisions for yourself then you can register your LPAs at any time. However if you leave it too late and lose the ability to understand what an LPA is, then it is too late to make one! In this instance your family has only one option to take control over your affairs, they will need to apply to the Court of Protection for a Deputyship Order which is a lengthy and costly procedure.
That’s why we urge all of our clients to make a LPA to avoid such difficulties.
Call us now to arrange your FREE, NO OBLIGATION consultation or email us at [email protected]
