It may be hard to consider but one day you may not be able to make any decisions due to an illness. Getting a Lasting Power of Attorney is one of the best ways to help you and your family manage this difficult time.
What is Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a legal document which allows you to choose and appoint your attorneys to make decisions for you and manage your affairs if you lose mental capacity in the future. An LPA can only be set up while you still have mental capacity.
I have a Will should I make an LPA?
Wills and LPAs are complimentary, and they enable you to take control over your affairs.
Lasting Power of Attorney (LPA) - protects your wishes and decisions during your lifetime.
A Will - protects your wishes and decisions after your death.
Most people believe that LPAs are only for the elderly but that’s simply NOT the case. Your ability to make important decisions can be lost because of an accident, stroke, or illness at any age. LPAs are your way of giving people you know and trust, the power to act on your behalf and make decisions for you, should the unexpected occur.
There are TWO types of LPA:
▪ Property and financial affairs LPA - grants your attorneys the power to make decisions regarding your property and finances on your behalf, including but not limited to:
✓ Paying bills
✓ Managing bank accounts including joint accounts*
✓ Collecting your pension
✓ Selling your home
✓ Dealing with savings and investments
✓ Arranging and collecting benefits
▪ Health and welfare LPA - gives your attorneys the ability to make decisions about your welfare if you are unable to make them yourself. This could include decisions relating to:
✓ Medical care
✓ Where you should live – for instance, moving into a care home
✓ Daily care such as what clothes you wear
✓ Life-sustaining treatment
What happens without a Lasting Power of Attorney?
Many people assume that their spouse would be able to act on their behalf if they lose capacity, but this is NOT correct. If you’ve lost capacity, an application to the Court of Protection for a Deputyship order must be made, usually involving a solicitor.
If you want to be sure that your loved ones have the power to care for you and make decisions on your behalf, then you need to have Lasting Powers of Attorney in place.
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