What is a Lasting Power of Attorney?
Much has been written about Wills, and most people know that they need one. However the fact remains that Lasting Powers of Attorney are arguably more important than your Will. Why? Put simply you will still be around when your LPA’s are used they affect you directly. LPA’s allow you to appoint someone to make decisions on your behalf when you can’t make them for yourself. There are two distinct powers. The first is over your Property and Financial Affairs the second deals with your Health and Welfare.
Property and Financial Affairs
This power of attorney allows someone that you choose to make decisions about your property, paying bills, keeping it insured and maintained, potentially even selling it and buying somewhere more suited to your needs. They can manage your bank accounts and investments on your behalf and ensure that all of your financial needs are met. A property and financial LPA avoids applications to, or interventions by, the courts together with the associated costs and delays. Your Attorney(s) are bound by law to act in your best interests at all times and face criminal sanctions if they don’t.
Health and Welfare
Nobody wants social services to be involved in their life, but since the implementation of the 2014 care act they will be if you lose capacity to make decisions for yourself. That is unless you have a Health and Welfare LPA in place. With this critical document you can authorise trusted family members to act and make decisions on your behalf. Whether it is speaking to your doctors, putting the right care in place, or even making an end of life decision this document helps you seize control of your own affairs, even when you can’t make decisions for yourself.
For some interesting facts about Lasting Powers of Attorney and a special offer voucher, download our Guide to Lasting Powers of Attorney.