A Lasting Power of Attorney is such an important legal document and is designed to help YOU if and when the time comes.
Under the Mental Capacity Act 2005, individuals can draw up a legal document in England & Wales called a LASTING POWER OF ATTORNEY (LPA) – a document that enables individuals (known as a Donor) to appoint individuals that they trust (known as Attorneys) to look after their affairs in the event of mental and/or physical incapacity, perhaps due to infirmity in old age, illness or accident.
Why Should you Make a Lasting Power of Attorney?
Most people acknowledge that it is important to organise their affairs in the event of their death, which is why so many people make a Will these days. However, practically no one makes similar provisions to organise their affairs should they become unable to look after themselves during their lifetime. There are opportunities available to make provision in advance for the possibility of you becoming incapable of managing your own financial and welfare affairs during your lifetime. This becomes increasingly important as the risk of supervening mental incapacity grows through longevity, illness or accident.
Remember, a Will takes care of your estate and loved ones after you have gone. A Lasting Power of Attorney can help YOU, in your lifetime.
There are two types of LPA:
|Health and Welfare||Property and Financial Affairs|
|Lasting Power of Attorney for Health and Welfare enables you to appoint people of your choice to deal with your personal and medical affairs, rather than your financial affairs if you are unable to manage them yourself. Use this type of LPA to give an attorney the power to make decisions about things like:|
An LPA for Health and Welfare can ONLY be used if you have lost the capacity to make decisions yourself.
|Lasting Power of Attorney for Property and Financial Affairs enables you to appoint people of your choice to look after financial affairs in the event of mental incapacity, perhaps due to old age, illness or accident. Use this type of LPA to give an attorney the power to make decisions about money and property for you, for example:|
You can choose whether your LPA for Property and Financial Affairs comes into force straight away or only if you are mentally and/or physically incapable of managing your finances.
To learn more about our comprehensive Power of Attorney service please contact us.