A Lasting Power of Attorney (LPA) is a document that allows you to legally appoint someone to act on your behalf, should you become unable to manage your own affairs. They are recognised by the financial institutions, doctors, local authorities, care homes and tax, benefits and pension authorities.
LPAs are commonly used when you no longer wish to make decisions or if you no longer have the mental or physical capacity to do so. You can set up an LPA yourself or you may wish to seek legal advice to help and advise you throughout the process and put your mind at ease.
Different types of LPA
Property and Financial Affairs: This allows your nominated Attorney to manage your bank accounts, pay bills and deal with the sale of any property assets if necessary. A property and financial affairs LPA can be used as soon as it is registered, with your permission. If later then you can decide the criteria for when this will be.
Health and Welfare: This allows your nominated Attorney to make vital decisions about your health and the care that you may require. This can include decisions relating to life sustaining treatment. A health and welfare LPA can only be used if you lose mental capacity.
Choosing the right Attorney
You can choose anyone, over the age of 18, to become your Attorney who will understand the responsibility that they are taking on. It is important to choose someone you trust implicitly. Most people select their family members, but if you are unsure an alternative is to choose a professional Attorney (such as an accountant or solicitor) that will act on your behalf.
Benefits of creating an LPA
Setting up an LPA is a simple process and brings many benefits:
• It is a great way to protect your assets and making sure you are looked after.
• You can plan in advance and state the decisions you want others to make should you ever lose mental capacity to make them yourself.
• You can control who you choose to be your Attorney – someone you can trust to act in your best interests.
• It is a peace of mind for you and your loved ones.
• It is more efficient and inexpensive than making an application to the Court of Protection, which is what your family would have to do if you lost mental capacity and did not have an LPA in place.
How Blaser Mills Law can help
At Blaser Mills Law we help our clients and their Attorneys understand the responsibilities that are involved with an LPA, and that everyone is happy with the arrangement. We understand the importance of putting the right planning in place for the future. Our team of Wills, Trusts and Probate solicitors are experts in the field and work with clients to find the best solutions for them and their families.
To speak to one of our Wills, Trusts and Probate solicitors about executing a Lasting Power of Attorney, please get in touch with us on 0203 814 2020 or email enquiries@blasermills.co.uk.
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