lasting powers of attorney
A Lasting Power of Attorney (LPA) is a document you can prepare to appoint someone you trust to make decisions on your behalf.
You can only give consent to the preparation of documents if you have mental capacity. Having a LPA in place can save the need for an expensive and lengthy application to the Court of Protection for those close to you to be able to deal with your affairs in the event you became mentally incapable.
Property and Financial Affairs LPA
This allows you to choose one or more people to manage your finances. This can include paying your bills, dealing with investments and buying or selling property. Your attorney can act if you become incapable of making decisions about your finances.
You may also want your attorney to act even if you are still able to make decisions yourself if, for example, you find it difficult to talk on the telephone or sign your name, get out to the bank, if you are abroad or would simply prefer them to deal with such matters for you.
Health and Welfare LPA
This form allows you to choose one or more people to make decisions in relation to your health and welfare. This can include decisions about your medical treatment or where you should live. Should you wish to, you can also give your attorney the power to give or refuse life sustaining treatment on your behalf. This document can only be used by your attorney if and when you lack the capacity to make such decisions yourself.
Once prepared the LPA must be registered with the Office of the Public Guardian (OPG) before it can be used. More and more people are preparing LPAs while fit and well so that if they experience any ill health or are involved in an accident then they have the peace of mind of knowing that the people they wish to make decisions for them would have the legal authority to do so.
Whilst a potentially difficult subject for most to consider and discuss, ensuring your affairs are in order is arguably the most important aspect of estate planning.