There may come a time in your life, whatever age you have reached, where you become ill or have an accident which affects your ability to make decisions for yourself, either in terms of care or the control of your finances.
A lasting power of attorney, or LPA, allows you to plan for your future with those you have trust in.
You can find more information about a UK power of attorney by searching online at sites such as https://powerofattorneyonline.co.uk/.
You can also learn more about LPAs below.
What is an LPA?
It is a legal instrument allowing you, referred to as the donor in the document, to nominate an individual, or more than one, to make decisions for you. Often, this is a member of your family or a close friend, although you can appoint a legal professional. You must have the mental capacity to create a power of attorney.
Different types of LPAs
There are two kinds of LPAs, a property and financial affairs document and a health and welfare lasting power of attorney. These are separate documents and do not need to be executed together in time.
A health and welfare power of attorney comes into effect if the donor loses ‘mental capacity’, whilst a property and financial affairs attorney’s powers come into effect once the LPA has been registered, unless otherwise specified.
Whichever LPA you create will need to be registered with the Office of the Public Guardian. The OPG has stated that they wish everyone to be able to plan for their own future on their own terms. They also stress that attorneys should be people that donors trust. The best way to do this is through a lasting power of attorney.
Why is it important to have an LPA?
Creating an LPA means you retain a say in who controls your finances or/and your future health care should you not be able to make those decisions for yourself due to the loss of mental capacity. Without these documents, the Court of Protection will adjudicate over decisions about your care or finances.
