Physical or mental incapacity can affect anyone at any time……….be prepared.
Preparing a Lasting Power of Attorney (LPA) allows you to appoint someone you trust to make decisions and act for you in the event that you become incapacitated in the future.
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Preparing a Lasting Power of Attorney (LPA) allows you the opportunity to make provisions in the event that you become incapable of managing your own affairs in the future.
The person(s) you choose will be known as your Attorney(s) and they must be over the age of 18.
When you have appointed your Attorney(s) you are referred to as the ‘Donor’.
When considering who to appoint as your Attorney(s) there are a lot of factors you need to consider so get in touch today.
Usually there are two types of LPA. Here at LCS, we offer our clients a third option:
1. The Property and Financial Affairs LPA: This allows someone to make decisions about your property and finances and can be used whilst the donor still has mental capacity and also when they have lost capacity. We recommend this as an essential option for all clients as it can be used when you are physically incapacitated e.g. following surgery or illness.
2. The Health and Welfare LPA: This allows someone to make decisions about your health and welfare. It can only be used when the ‘donor’ has lost mental capacity. Decisions regarding medication, surgery and life sustaining treatments can be made by your attorney with this LPA and future housing or care home placement will also be covered.
3. The Business LPA: This allows someone to make decisions about your business affairs and can be used whilst the donor still has mental capacity as well as when they are mentally incapable. We do consider this to be essential for business owners as it ensures the continuity of your business.
A Lasting Power of Attorney (LPA) is a legal document that gives another adult the legal authority to make certain decisions and act for you, should you become unable to act for yourself.
Many people will eventually reach a point where they are no longer able to make decisions for themselves. This is known as lacking ‘mental capacity’. When this happens, someone else must make decisions on your behalf.
If you do not have an LPA in place and become mentally incapacitated, relatives may face long delays and expense in applying to the COURT OF PROTECTION to be able to manage your affairs for you.
Now … but definitely whilst you still have mental capacity. Firstly, if you lost mental capacity you would not be able to make an LPA. Secondly, it takes several weeks for an LPA to be registered and it cannot be used until it has been registered.
You should choose someone you know well who has a good record of being responsible with their own finances, and who you trust to make the best decisions for you.
Some people think that if they have their bank accounts in joint names then they will not need an LPA. Sadly, this is not the case as banks often freeze joint accounts when one of the account holders becomes incapacitated.
A Lasting Power of Attorney is not just for older people. Mental and physical incapacity can hit at any time.