A Lasting Power of Attorney (LPA) is just as important as making a Will if not more; it is an essential legal mechanism which makes sure that your assets are handled by someone you trust if you are no longer able to manage them yourself.
An LPA allows someone to make decisions on your behalf, should there come a time when you lack mental capacity to do so yourself. While you have mental capacity, you can set up an LPA to give someone the authority to make decisions on your behalf. This person is known as an attorney, while the person who makes the LPA is called the donor.
There are two different types of LPA: A Property and Financial Affairs LPA and a Personal Welfare LPA.
A Property and Financial Affairs LPA covers decisions about the donor’s property and money.
A Personal Welfare LPA covers decisions about the donor’s healthcare and personal welfare.
The role of attorney involves a great deal of power and responsibility, therefore it is a very important to choose your attorney carefully. You must be able to trust them to make decisions in your best interests.
If you don’t have an LPA in place, your loved ones will not be able to deal with your financial affairs immediately and will have to go through the Court of Protection, this can be a very expensive and lengthy process that can result in decisions that are not made on your own accord. It is highly advisable to contact a trusted lawyer to help you draft an LPA if you think you may become incapacitated in the future.
Our experienced Private Wealth & Succession Planning Lawyers at Lawrence Stephens can advise and guide you through the entire process and draft all of the required documents. Once the LPAs have been completed and registered, we also hold the originals in our strong room for safekeeping.
If you have questions about an LPA and would like to discuss your options, please contact Hardeep Nijher at firstname.lastname@example.org.