Lasting Power of Attorney (LPA)
If you have an accident or lose ‘mental capacity’ then your loved ones will NOT be able to access your finances or make decisions about your welfare on your behalf, nor have access to your finances even if it’s to pay for your future care. It’s a myth that your spouse will be able to walk into your bank and draw out your money no matter if is to help towards everyday living expenses or fund your treatment.
If you suffered a head injury, sudden stroke or mental illness, could your family access vital funds to pay for day to day bills or even for medical care? If you don’t have an LPA in place, they would need to apply to the Court of Protection to become a Deputy. This is an extremely lengthy and costly process. Therefore, Lasting Powers of Attorney should be entered into as soon as possible and you should not delay preparing them.
A Lasting Power of Attorney (LPA) is a legally binding document which allows you (the 'donor') appoint someone who you trust (the ‘attorney’) to make decisions on your behalf in relation to your healthcare and/or finances should you not be able to make decisions yourself.
There are two types of Lasting Power of Attorney (LPA):
Health & Welfare - which relates to health and welfare decisions
Property & Finance - which covers property and financial affairs.
You can make an LPA for one or both areas depending on your needs.
Once the Lasting Power of Attorney has been prepared and signed by all required people, it must be registered with the Office of the Public Guardian. Registration can take up to 10 weeks.
You can end your Lasting Power of Attorney at any time or decide to appoint another Attorney/s as long as you still have mental capacity to make such decision.