There may come a point in time when you are unable to look after your financial affairs due to old age, illness, disability or because you are away from home. A Power of Attorney enables you to appoint someone (an Attorney), such as a relative, friend or your Solicitor, to help with this task either permanently or on a temporary basis.
One type of Power of Attorney is a Lasting Power of Attorney (LPA) which was introduced on 1 October 2007 and replaced Enduring Powers of Attorney. There are two types of LPA. One deals with your property and affairs (LPA Property) and the other with your personal welfare (LPA Welfare). You can have both or just one version depending on your wishes.
With an LPA Property your Attorneys can still act even if you lose your mental capacity and we recommend that everyone should make one as part of their long term financial planning. An LPA Property only takes effect when you want it to or when you start to become mentally or physically incapable of managing your affairs. This is when you are most in need of help and support and will give you peace of mind.
Your Attorneys can:-
- look after all your financial affairs
- carry out specific tasks or a limited number of identified tasks
- act on your behalf only when you are unable to do so
With an LPA Welfare your Attorneys will be able to make decisions about your personal welfare and ensure that your wishes as regards medical treatment are carried out in the event of you becoming mentally incapacitated.
Even if you do not wish to make an LPA yourself you may be concerned that a relative or friend is finding it difficult to manage their financial affairs and would like some advice on the options available. Our specialists understand this can be a sensitive issue for families and have a great deal of experience in advising on the most appropriate course of action for your circumstances.
Contact a member of our team to book an appointment.
If you already have an Enduring Power of Attorney then this document remains valid and can be brought into effect at any time notwithstanding the fact that Enduring Powers of Attorney have now been replaced by Lasting Powers of Attorney.
For further information please consult our Powers of Attorney Guide