Lasting Powers of Attorney
What is a Lasting Power of Attorney?
A Lasting Power of Attorney (“LPA”) is essential for anyone at any age. LPAs are legal documents that allow you to appoint someone to make decisions for you (called your “attorneys”).
When it comes to finances; attorneys can be appointed either because you would like assistance (for convenience), or because you are no longer able to make decisions for yourself because you have had an accident, an illness, or not become fully conscious again after a surgery. Regarding health decisions, an attorney can only act if you become unable to make decisions for yourself.
Do I need one or two LPAs?
A property and financial affairs LPA gives power to make decisions about things like managing your bank account, paying bills and selling your home.
A health and welfare LPA gives your attorney powers for decisions regarding your daily routine and medical care. You can choose to create an LPA for each of these or for both.
It is also possible to restrict a financial LPA to deal with your business decisions only. See Business LPAs for more information.
What happens without an LPA?
While none of us like to think about the worst happening to us, it is vital to put these documents in place to protect ourselves as well as our loved ones.
Without these documents in place, an application could be made to the Court of Protection to appoint a Deputy. This can be a lengthy and expensive process, and results in a loss of control over who makes decisions on your behalf.
In the short term, having nothing in place could be catastrophic. Bank accounts can be frozen (including joint accounts), bills may remain unpaid for many months, and businesses may fail. Health and care decisions could also be made which do not meet with your wishes.
Who can I appoint as my Attorney?
You can specify who you wish to appoint as your attorney. This could be a relative, friend or a professional. You may choose to appoint the same attorney, to cover both your financial and health decisions. You may also decide to have a different person or people acting under each type of LPA.
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E: info@em-law.uk
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