Planning for what happens in our future can be full of uncertainty. We all like to be in control, but what happens if we lose the ability to make decisions and to manage our financial affairs? Who would make decisions on our behalf?
Our team of specialists have experience and expertise in creating and dealing with Lasting Powers of Attorney (LPAs).
An individual can create an LPA once they have attained the age of 18 providing they have mental capacity to do so.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint another person (known as your Attorney) to make decisions on your behalf when you are unable to do so yourself. in circumstances where you cannot do so for yourself (or do not wish to). You can appoint a friend, relative or professional person to be your Attorney.
Contrary to popular belief, your spouse, partner, or children do not automatically have the authority to make decisions for you. Without an LPA, important choices may be left unaddressed. If you operate a business (as a Sole Trader, through a limited company, or a partnership), it’s essential to plan for potential incapacity. A Business LPA ensures continuity and allows your chosen representative to manage business affairs effectively.
Many people create LPAs later in life, but it’s equally important during working years. Consider the broader impact of incapacity on your business and personal life.
An LPA comes in two main types:
- Property and Financial Affairs: This covers decisions related to your finances, property, and assets. This allows your attorney to make decisions on your behalf about matters such as paying bills, collecting income and benefits or selling your home. The power can be subject to restrictions or conditions.
- Health and Welfare: This focuses on health-related decisions, including medical treatment and care. This allows your attorney to make decisions on your behalf about your personal welfare including whether to give or refuse consent to medical treatment.
Many clients select both options and we can advise and discuss the benefits with you.
What are the benefits of an LPA?
- Allows you to choose the people who you want to make decisions on your behalf and how you want those people to make those decisions.
- An LPA can be registered at the Office of the Public Guardian (OPG) as soon as the documents have been executed, for added peace of mind.
- An attorney can act on your behalf if you were to lose mental capacity suddenly as the result of a tragic life event.
- Provides you with protection from abuse.
- Makes the attorney accountable for their actions and the decisions they make.
- Avoids any need for an application to the Court of Protection to appoint a Deputy which can be both expensive and time consuming.
To speak to our Wills, trusts and probate specialists please call us on 01772 258321 or make an enquiry below to see how we can assist you and your business.
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