Lasting Power of Attorney
Thinking about how to manage your affairs if you’re unable to do so in the future? A Lasting Power of Attorney (LPA) can provide peace of mind.
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There’s lots to consider when setting up an LPA, so here’s an overview of a few of the things you should know.
What is a Lasting Power of Attorney (LPA)?
A Lasting Power of Attorney (LPA) is a legal document that lets you appoint one or more people (known as Attorneys) to help you make decisions or to make decisions on your behalf if you lose mental capacity. This ensures your wishes are respected even if you’re unable to communicate them yourself.
Why is an LPA Important?
- 1. Gives You Control Over Your Affairs: An LPA allows you to choose who will manage your affairs, ensuring someone you trust is in control.
- 2. Helps Avoid Court Delays: Without an LPA, if you lose mental capacity, your loved ones might need to go through a lengthy court process to gain control over your affairs.
- 3. Provides Peace of Mind: Knowing that your affairs are in the hands of someone you trust can provide significant peace of mind for both you and your family.
- 4. Covers Both Financial and Health Decisions: An LPA covers both financial and health-related decisions, ensuring all aspects of your well-being are considered.
Types of Lasting Power of Attorney
In the UK, there are two types of LPAs:
1. Property and Financial Affairs LPA
This type of LPA allows your Attorney to manage your financial matters, including:
- Paying bills and managing bank accounts.
- Collecting benefits or pensions.
- Selling property or managing investments.
2. Health and Welfare LPA
This LPA allows your Attorney to make decisions about your health and personal welfare, such as:
- Your medical care and treatment.
- Where you live (e.g., moving into a care home).
- Your daily routine (e.g. what you eat and wear).
Who Can Be an Attorney?
Anyone over 18 can be an Attorney, including family members, friends, or a professional such as a solicitor. It’s crucial though that choose someone you trust and who understands your wishes.
- Trustworthiness: Ensure your attorney is reliable and capable of handling your affairs.
- Location: Choosing someone who lives nearby can be practical, especially for health and welfare decisions.
- Understanding: Your Attorney should understand your values and preferences to make decisions that align with your wishes.
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Common Questions About LPAs
What Happens if I Don’t Have an LPA?
If you don’t have an LPA and you lose mental capacity, your family or friends would need to apply to the Court of Protection to become a deputy. This process is more time-consuming and costly than setting up an LPA.
Can I set up an LPA on my own?
You can. However, as this is a formal document that needs to be registered with the Office of the Public Guardian (OPG), we would recommend that you seek professional advice from Estate Planning professionals like us at Joslin Rhodes to avoid any necessary delays or if you are unsure of any elements on the online form.
How do I set up a LPA with Joslin Rhodes?
Just get in touch with us to book your free one-to-one meeting. Here our Financial Planner will discuss your personal circumstances as well as outlining all costs and next steps.
Can I Change or Cancel an LPA?
Yes, you can change or cancel your LPA at any time as long as you have the mental capacity to do so. To cancel an LPA, you need to send a written notice to the Office of the Public Guardian.
Can I Have More Than One LPA?
Yes, you can have both a Property and Financial Affairs LPA and a Health and Welfare LPA, each dealing with different aspects of your life.
When Can an LPA Be Used?
A Property and Financial Affairs LPA can be used as soon as it is registered, with your consent. A Health and Welfare LPA, however, can only be used if you lose mental capacity. This means your attorneys can only make health and welfare decisions if you are unable to make them yourself.
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