Lasting Powers of Attorney – a brief explanation
Lasting Powers of Attorney (LPAs) are legal documents that allow you to confer the right to make decisions on your behalf to other people.
There are two types of Lasting Powers of Attorneys that you can make:-
- A Lasting Power of Attorney for Property and Financial Affairs
- A Lasting Power of Attorney for Health & Welfare
Lasting Power of Attorney Property and Financial Affairs
The LPA Property and Financial Affairs allows your Attorneys to make decisions relating to your financial matters.
Lasting Power of Attorney Health & Welfare
The LPA Health & Welfare covers all decisions you would wish to make yourself regarding your personal welfare and healthcare. Please note this document can only be used by your Attorneys once you have lost capacity. As an alternative, you could consider making a Living Will/Advanced Directive which would give authority when you are unconscious.
Attorneys
In both cases you would need to appoint someone trustworthy and responsible who would be able to carry out your wishes during your lifetime. LPA’s cease to be effective upon death. We would recommend having two attorneys to act either individually, jointly, or a combination of the two. It is also wise to appoint an alternative attorney(s) should the principal attorneys pre-decease you.
Registration of your LPA
Although an LPA can be created at any time, it is not valid until it is registered at the Office of the Public Guardian. We would advise registering an LPA at the time of creation rather than leaving in abeyance. There would also be a time delay before registration became effective, during which your attorneys would not be able to make decisions on your behalf.
What if I do not make an LPA?
Should you lack capacity to make decisions it would be necessary to apply to the Office of the Public Guardian for a Deputy to be appointed (which is more expensive and time consuming). This could either be someone you know or someone appointed by social services. The process takes some months and even then registered has occurred the Court’s approval is required before any decisions can be made. This can all by avoided be creating an LPA.
If you have any concerns about your current arrangements and business models then it is recommended that you contact Terence Sharpe at Meaby & Co for timely advice: tsharpe@meaby.co.uk or call 01306 884432.
