Lasting Power of Attorney
Wills & Probate
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Lasting Power of Attorney
What is a Lasting Power of Attorney?
A lasting power of attorney also called an LPA, is a legal document that allows you to appoint one or more people (no more than four) to make decisions that are in your best interests during your lifetime if you was to lose capacity or unable to make decisions for yourself. A lasting power of attorney is a separate legal document from a will, though you can put them in place at the same time.
When making decisions for the future, it is inevitable to predict what may happen regarding your finances, health, and wellbeing. You could be impacted by these factors such as a serious accident or an illness such as dementia. In such circumstances, having a lasting power of attorney will allow you to have more control over how decisions are made.
What types of Lasting Power of Attorney’s are there?
There are two types of lasting power of attorney:
Property and Finances – The person(s) appointed as your lasting power of attorney will have the authority to manage bank accounts, deal with finances including pensions, paying bills and buying/selling property.
Health and Welfare – The person(s) appointed as an LPA can decide; medical treatment, accommodation, giving and refusing consent to life-sustaining treatments.
Why should I consider a Lasting Power of Attorney?
Once you have a lasting power of attorney in place, it will give you peace of mind that you have someone you trust who will take care of your assets.
You can instruct your LPA to take your wishes and preferences into account. Your LPA should be trusted to reflect your wishes so that the things that are most important to you are taken care of.
Lasting Powers of Attorney are a flexible way to protect your assets, and loved ones, from the problems that can arise from losing capacity.
When can I appoint a Lasting Power of Attorney?
You can only designate a lasting power of attorney if you have the mental capacity to do so.
It can sometimes be too late to appoint a lasting power of attorney. In this case, your family can make an application to the court to decide who can manage your affairs.
Dementia and Lasting Power of Attorney
Losing the capacity to make decisions for yourself, has become an increasing issue within the UK there are over 850,000 people in the UK, with that figure expected to increase to over one million by 2025. You can learn more about how dementia diagnoses are affecting the UK here; https://www.dementiastatistics.org/statistics-about-dementia/prevalence/
It is urged that you think about the future no matter your age. It is important to understand and be aware that your family does not automatically have the legal authority to manage your affairs.
To contact us
If you want to appoint a Lasting Power of Attorney or would like to learn more contact us on 0161 798 9000.
