Lasting Power of Attorney
A will deals with matters in the event of your death, but what if you became unable to handle your affairs while still alive?
If you’re worried that, as you get older, a physical or mental illness could affect your ability to manage your personal affairs, you should consider setting up a Lasting Power of Attorney (LPA). This is a legal document which allows you to appoint one or more people to either help you make legal decisions, or make them entirely on your behalf.
There are two types of LPA available: Health & Welfare and Property and Financial Affairs.
Health and Welfare LPA – your appointed ‘attorneys’ will be able to act on your behalf if you become completely unable to make decisions regarding your own wellbeing.
For example, if your circumstances mean you require full time care, or a particular medical treatment they will step in and act in your interests.
Property and Financial Affairs LPA – your attorneys can make decisions concerning your bank accounts, paying bills or even selling your home if required. Unlike the Health and Welfare LPA, this version can be used as soon as it is registered, but only with your permission – ie. you are still fit to make other decisions on your affairs.
Choosing your attorneys
When deciding who you would like as your attorneys, there are a few things to consider:
- how well do you know them?
- how well do they look after their own affairs?
- do you trust them to make decisions that are best for you?
- will they be comfortable making these decisions?
- if you choose more than one attorney, you’ll also need to decide whether they will make decisions separately or together
When you set up your LPA you can nominate replacement attorneys in case your chosen attorneys become unable to carry out the role for whatever reason. Knowing that your financial affairs will be looked after by people you trust can give you valuable peace of mind.
Lasting Powers of Attorney are not part of the Openwork Limited offering and are offered in our own right.
Openwork Limited accepts no responsibility for this aspect of our business.
If you need help deciding whether an LPA would be suitable for you, or any help setting up an LPA, please get in touch.
