SPOTLIGHT ON: What is a Lasting Power of Attorney

July 3rd, 2023 / Posted in Uncategorised

What is a Lasting Power of Attorney?

If you become unable to manage your own affairs, a Lasting Power of Attorney (or LPA) appoints a person, or persons, of your choice to assist you. There are two types of LPA:-

1. Property and Financial. This document allows someone to access your bank accounts, pay your monthly bills, buy and sell property and investments and arrange property repairs.
2. Health and Welfare. This document allows someone to decide your living arrangements in the event that you were to require residential care, as well as allowing someone to decide what kind of medical care and treatments you receive.

Health conditions such as dementia, Parkinson’s disease or a stroke can mean that your ability to make decisions for yourself becomes more difficult. If you lose capacity to manage your own affairs without an LPA, it can cost your family time and money in order to obtain the necessary permission to handle your affairs. This can be devastating, especially if a joint owner is dependent on the use of assets and income that belong to the person who has become incapacitated.

If you lose capacity and do not have a valid LPA in place, your loved ones will need to apply to the Court of Protection for a Deputyship Order. This is a time consuming, cumbersome and expensive process and does not guarantee that they are able to manage the entirety of your personal affairs as such Orders are often limited, particularly in respect of the availability to buy and sell property.

Having a Lasting Power of Attorney gives you peace of mind and allows you to ensure that someone you trust is making the decisions on your behalf, and in your best interests. An LPA prepares you for an uncertain future. We cannot predict what is around the corner, but we can plan for it!

Our expert Solicitors within the Private Client team can provide advice regarding everything outlined above, and tailor their suggestions to your personal circumstances. Please do get in touch for further information on 01530 510 666.