Lasting Power of Attorney (“LPA”)
A harsh reality of life is that mental and physical incapacity can hit at any time. And whilst many of us are aware about making a Will, there is less recognition about the importance of making a Lasting Power of Attorney.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney gives another person of your choice – your attorney – the legal authority to look after aspects of your affairs if you are unable to do so.
There are 2 types of Lasting Powers of Attorney:
- Finance and Property – your attorney can take over all your financial affairs. Banks will accept your attorney’s signature instead of yours.
- Health and Welfare – when you are incapacitated and can’t communicate for yourself your attorney can make decisions about your health and treatment with the medical profession, care homes etc
Making an LPA is not just for when you reach old age. It is a wise consideration to make earlier on in life in case you were to become incapacitated through illness or injury.
Without an LPA in place, relatives would have to apply to the Court of Protection to get access and take control of your finances and assets – which can be a costly and lengthy process.
Who can be your attorney?
It can be whoever you like as long as they are over 18 years old, not declared bankrupt, are Compos Mentis and willing to take on the role.
To enquire about Lasting Power of Attorney telephone 020 3935 9490 or complete the contact form below.