A Family Sitting at the Table

Why make a Lasting Power of Attorney?

There may come a time in the future where you are unable to manage your financial and personal matters due to incapacity. In such instances, it becomes essential to designate someone to act on your behalf. You don’t have to be elderly to find yourself in a vulnerable position and unable to make those decisions you normally would make, people at any age can lose capacity from having a car accident, stroke, brain injuries or develop a debilitating diseases, so it’s definitely not age specific.

You can formally appoint a friend, family member, or professional to hold a lasting power of attorney (LPA), granting them the authority to make decisions for you. However, an LPA in England and Wales holds no legal weight until it is registered with the Office of the Public Guardian. This legal document empowers a trusted individual, referred to as an ‘attorney,’ to make decisions on your behalf.

An LPA can be drafted at any time while you are still capable, but it only gains legal validity upon registration with the Office of the Public Guardian.

Once registered, an LPA can be utilised at any time, irrespective of your mental capacity to act for yourself, unless specified otherwise in the document.

According to the Alzheimer’s Society, more than 1 million people in the UK will have dementia by 2025. More than 1 in 5 people over 85 already suffer from this, with rates significantly higher amongst women than men.

There are two main types of LPAs:

Property and Financial Affairs

Health & Welfare

To help you understand the differences and consider the benefits of putting a Lasting Power of Attorney (LPA) in place we have explained in more detail below.

Property & Financial Affairs

This allows loved ones to manage your finances and property. Including dealing with paying your bills, buying and selling your property and managing your bank accounts and investments.

Selecting an Attorney

When selecting an attorney, it’s prudent to appoint more than one individual to prevent potential abuse of authority, particularly since you may not be able to monitor them personally. Choose individuals who are trustworthy and capable of acting in your best interests. Seeking legal advice, especially for complex financial matters, is advisable before finalising an LPA.

Health & Welfare

This permits someone to make decisions about your healthcare and general welfare, including medical treatment and living arrangements. It covers decisions about health and care and even deciding where you are to live. However, this can only be used if someone is incapable of dealing with such matters themselves.

Registering Your LPA

To register an LPA, either you or your attorney can apply to the Public Guardian. Before registration, those entitled to notification must be informed, and they have the right to object to the registration.

Once registered, an LPA remains in effect indefinitely. It replaced the enduring power of attorney (EPA) IN 2007, although existing EPAs can still be used.

Can I Cancel An LPA?

Cancellation of LPAs or EPAs is possible under certain conditions. LPAs can be cancelled if you have the mental capacity to do so, while EPAs may require a process through the Court of Protection.

LPA Summary

In summary, LPAs are powerful documents that empower trusted individuals to manage your affairs when you are unable to do so yourself, ensuring your interests are protected and your wishes upheld.

Therefore, it’s worthwhile to dedicate time to carefully consider the most suitable individual or individuals to act as your attorney(s), taking into account their values, beliefs, and skill sets necessary to perform the role effectively.

TALK TO US TODAY

Life is unpredictable—having a Lasting Power of Attorney ensures someone you trust can make important decisions on your behalf if you’re unable to. Whether it’s managing finances or making healthcare choices, setting up an LPA provides peace of mind for you and your loved ones.

Don’t wait to secure your future—contact us today to get started with expert guidance every step of the way.

CLICK HERE