A Lasting Power of Attorney (LPA) is a hugely powerful document and it is vital that every adult should have one.
An LPA enables you to appoint someone you trust and know (usually a relative), to look after your affairs should you become unable to manage yourself due to a loss of “Mental Capacity”, for instance due to illness, injury or dementia.
There are 2 distinct Powers of Attorney, one for Property and Finance and one for Health and Welfare.
If you lose ‘mental capacity’ and do not have an LPA, your relatives must make an application to the Government’s Court of Protection in order to be appointed as a “Deputy”. Your loved ones will be examined to see if they are fit to run your affairs and if they deem that this is not the case, the Court can appoint someone independent who is not known to you.
This process is lengthy, expensive and intrusive.
By appointing us to assist with drawing up Powers of Attorney, we can advise on the following:
- Who you should appoint to be your attorneys and making sure those you intend to appoint are willing and able to act and that they understand the duties and responsibilities they will be assuming (We write to all of the Attorneys explaining their duties under this role).
- The different ways attorneys can be authorised to make decisions, including on their own, or jointly with others.
- The need to nominate replacement attorneys in case your original attorneys are unable to act
- How your wishes ought to be expressed to ensure they cater for all eventualities and are capable of being carried out if you should ever lose capacity. (We produce separate Letters of Wishes which act as guidance to your Attorneys in deciding how to act with your Health and Finances).
- Any specific wording which may need to be included to enable funds held by banks and building societies to be managed on your behalf.
- Whether a separate Lasting Power of Attorney may be necessary to protect your business interests.
- Ensuring that you are advised of any other steps you should consider taking to protect your position, such as making or revising your Will or applying for any benefits you may be entitled to.