Lasting Power of Attorney
What is a Lasting Power of Attorney?
A Lasting Power of Attorney (or LPA) is legal document that helps protect yourself and your assets if you were to become unable to make your own decisions. This is done by electing one or more persons (your attorneys) to help make the important decisions in your life for you (the donor), should you become unable to.
There are two types of LPAs:
Health and Welfare LPA
This allows your attorneys to make decisions about things such as:
- Your daily routine
- Medical care
- Where you live
- Life-sustaining treatments
Property and Financial Affairs LPA
This allows your attorneys to make decisions about things like:
- Paying your bills
- Collecting pensions and benefits
- Selling your assets
This type of LPA can be used whilst you are still mentally capable to make your own decisions, but have decided to elect another person to make those decisions for you, with your permission.
Why should I make an LPA?
An LPA is vital for all adults of any age. It can be hard to predict when we could lose the ability to make decisions for ourselves, for example a car crash tomorrow could leave someone in hospital for a long period of time, unable to do simple things such as pay their mortgage or receive their benefits.
An LPA allows you to choose someone that you know and trust to take on that responsibility rather than having the Courts make those decisions on your behalf. Without an LPA your family will not automatically have legal authority to manage your affairs and will need to apply to the courts for this power. This is both costly and time consuming and is likely to leave your family struggling for some time.
How can I ensure the decisions are made in my best wishes?
Some people hold back on getting an LPA as they believe it gives their attorney full powers over their lives, which can sometimes be worrying for the donor. However, the attorney can only act when you lack the capacity to make the decision in question and they must follow the principles set out in the Mental Capacity Act 2005.
Here at AV Tax Consultants, we can assist you in preparing an LPA.
Please call Richard Feakins or Delyth Barnett on 01908 219125 and we will guide you through the process.