Why do I need a Lasting Power of Attorney (LPA)?
The reason it is wise to have an LPA in place is that in the event that one loses capacity, loved ones will be spared the substantial stress, expense and time of having to make an application to the court of protection.
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What is a lasting power of attorney (LPA)?
LPAs confer legal authority on a person or people (your attorneys), so they can deal with your personal affairs, when you are unable to deal with those matters yourself.
There are two types of LPA; one which deals with your property and financial affairs and one which deals with matters of health and welfare.
A Property and Financial Affairs LPA
A Property and Financial Affairs LPA covers decisions about your finances and property. This can include paying household bills, collecting your benefits, instructing accountants to prepare tax returns, seeking financial advice, looking after your business interests, securing care funding or selling your house. This LPA can be used even if you still have mental capacity to deal with these things yourself, for example, if you were living abroad for a period of time or if you were in hospital.
A Health and Welfare LPA
A Health and Welfare LPA allows your attorney to make decisions regarding where you live, your day to day care such as your diet and what clothes you wear, through to medical treatment and life-sustaining treatment decisions. This type of LPA can only be used once you have lost mental capacity.
It is an important part of your personal planning to ensure that you have LPAs in place. If none are prepared, and you lose mental capacity to deal with your affairs, then the burden falls upon your loved ones to make an application to the Court of Protection for deputyship. This is a lengthy process and proves much more costly in comparison to the cost of preparing and registering LPAs. Then comes the matter of control; by preparing LPAs you are actively choosing your trusted attorneys, whereas in the deputyship process anyone can apply to take control of your finances, even the local authority.
Do not leave anything to chance and take control of your affairs in planning for the worst, while hoping for the best.
If you are interested in preparing LPAs, please get in touch with Rebecca Kashti at Hedges Law on 01491839 839. Or click here: Hedges Law