Lasting Powers of Attorney - Are you protected?

An introduction to the uses of Lasting Power of Attorney (LPA)

None of us finds it easy to imagine a time when we might be incapable of managing our own affairs.

If, through illness or accident you become unable to do such things as paying bills, accessing your bank account, making decisions about your health and all the other things that we take for granted, there is a useful way to retain control in deciding who should take responsibility for your financial affairs and/or personal welfare. 

You can do this by appointing one or more trusted individuals to help you by creating a Lasting Power of Attorney (LPA).

An LPA is a legally binding document which may be used in the event of a person (the donor) becoming incapable of looking after their own affairs, for whatever reason.

The LPA provides a safeguard for the donor and offers peace of mind that a chosen person will be authorised to make decisions at a time in the future when the donor may not be able to do so.

There are two types of LPA:

1. A 'financial' LPA that appoints someone to manage your property and financial affairs when you cannot act for yourself. It is a useful way to protect your assets for your lifetime by allowing you to choose someone to assist you with your finances should the need arise.

2. A 'welfare' LPA that appoints an individual to take responsibility for decisions affecting your health and welfare where you have lost the ability to make such decisions for yourself.  It puts in place the mechanism for ensuring that you have a trusted individual making decisions regarding your care and treatment if necessary.

If you would like some help and advice relating to Lasting Powers of Attorney, please contact Richard Hedger at richard.hedger@michelmores.com