- MVL Wills And Trusts
- Lasting Power of Attorney
Lasting power of attorney
What if I am Unable to Manage My Affairs?
At some point in your life you may be unable to manage your own financial affairs or personal welfare and you may need someone to act on your behalf. This could happen at any time and may be due to illness or injury, something we are more prone to as we get older. It would be invaluable, therefore, to have someone you trust to help you and provide you with peace of mind at a time when you most need it.
It doesn’t follow that a family member or friend can just step in and take over. By creating Lasting Powers of Attorney in advance of such a situation you give your attorney the legal authority to make decisions on your behalf and you can rest assured that both your financial matters and your personal welfare are in safe hands.
Lasting Powers of Attorney:
LPA for Property & Financial Affairs – this authorises the chosen attorney(s) to make decisions about the donor’s property and finances. This could include buying or selling property in the donor’s name or continuing to run their business. You can place legally-binding restrictions on your attorney’s powers.
LPA for Health & Welfare – this covers decisions about the donor’s personal welfare, including where they live, how they are cared for and what healthcare they receive. This LPA can only be used if the LPA has been registered and the donor can no longer make decisions for themselves.
Lasting Powers of Attorney must be registered with the Office of the Public Guardian before they can be used and this must be before the donor loses mental capacity. Without an LPA, the Court of Protection may have to appoint a Deputy to act on your behalf, which can be expensive and time consuming.
Why It’s Best to Arrange Lasting Powers of Attorney:
- Unattended financial affairs can cause unnecessary stress and anxiety and delay someone’s recovery.
- Even the young can suffer problems due to illness or accident.
- Family members will have enough problems dealing with a relative losing capacity without the added worry of muddled finances.
- Appointing at attorney you know and trust and who understands you is preferable to having a court official act for you.