Lasting Power of Attorney
Secure peace of mind with a Lasting Power of Attorney
Lasting Power of Attorney
What is a Lasting Power of Attorney (LPA)?
A Lasting Power of Attorney (LPA) is a legally binding document that allows you to appoint one or more trusted individuals (known as attorneys) to make decisions on your behalf if you are no longer able to do so yourself. This might be due to illness, injury, or a loss of mental capacity. Having an LPA in place ensures that your affairs and wellbeing are managed according to your wishes, giving you and your loved ones peace of mind for the future.
Why do I need an LPA?
An LPA enables you to choose who will make important decisions about your finances, property, health, and welfare if you become unable to manage these yourself. You can specify exactly what powers your attorneys will have and how they should act, including whether multiple attorneys make decisions jointly or separately.
For homeowners with an equity release plan, an LPA can be especially important. It ensures your appointed attorney can manage any cash reserves or financial arrangements related to your plan, helping protect your interests and those of your family.
Why you should arrange your LPA now
You must have the mental capacity to create an LPA, so it’s crucial to set this up before you need it. If you do not have an LPA and lose mental capacity, your family won’t have automatic legal authority to manage your finances or make healthcare decisions on your behalf. In such cases, the Court of Protection may need to appoint a deputy, a process that can be costly, time-consuming, and stressful for your loved ones.
By preparing an LPA in advance, you safeguard your independence and reduce future stress for your family.
Types of LPA
There are two types of Lasting Power of Attorney you can create:
1. Property and Financial Affairs LPA
This authorises your attorney(s) to handle decisions regarding your finances and property. This includes managing bank accounts, paying bills, collecting benefits or pensions, and buying or selling property on your behalf.
2. Health and Welfare LPA
This authorises your attorney(s) to make decisions about your healthcare and personal welfare, such as daily care, medical treatment, moving into care homes, and decisions about life-sustaining treatment. This type of LPA only takes effect once you lose mental capacity.
Additional important points
- You can appoint multiple attorneys and specify whether they should act together or independently.
- LPAs must be registered with the Office of the Public Guardian (OPG) before they can be used.
- You can include guidance for your attorneys on how to make decisions in line with your values and preferences.
- An LPA does not allow your attorneys to make decisions while you still have capacity unless you give them specific permission.
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