22nd September 2017
A Lasting Power of Attorney is a document that allows you to appoint an attorney or attorneys to look after your financial affairs or your health and welfare when you are no longer able to.
It is common to appoint other family members, such as your spouse, partner or children to be your attorneys. However you could also appoint friends or this firm as your attorneys.
If you lose mental capacity and you do not have a Lasting Power of Attorney in place, no one would have authority to deal with your financial affairs which could cause significant problems for your family.
It is important to draw up Lasting Powers of Attorney whilst you have mental capacity. A person who has lost mental capacity cannot create a Lasting Power of Attorney. Instead, their family may be able to apply for a Deputyship Order. Applying for a Deputyship Order is more expensive and more time consuming than drawing up a Lasting Power of Attorney. We can also help you with Deputyship Orders.
There are two types of Lasting Powers of Attorney (LPAs):
Property & Financial Affairs LPA
This type of LPA allows your attorney to carry out a range of tasks on your behalf. This could be every day matters such as paying bills, setting up direct debits, corresponding with your bank, pension provider, utility companies and DWP. It can also be used by your attorneys to carry out high value transactions such as selling your house if you have to move into residential care. The Property & Financial Affairs LPA can be used by your attorneys if you either lack physical capacity or mental capacity.
Health & Welfare LPA
A Health & Welfare LPA can only be used by your attorneys if you lose or are losing mental capacity. Your attorneys will be able to make decisions regarding your every day care needs such as choosing a care home for you to live in or arranging a care package in your own home. You could also choose for your attorneys to be able to make decisions regarding life sustaining treatment. Life sustaining treatment means care, surgery, medicine or other help from doctors that is needed to keep you alive.
Please contact the Lamb Brooks Private Client team on 01256 844888 if you would like help drawing up Lasting Powers of Attorney.
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