LASTING POWER OF ATTORNEY (LPA)
What is Lasting Power of Attorney?
A Lasting Power of Attorney or LPA is a cost effective way of legally authorising someone, who is trusted by you, to make decisions on your behalf in handling your property and financial affairs and /or your health and welfare decisions, if you lack mental capacity at some point of time in the future or, if you no longer wish to make decisions for yourself. You can appoint one or more attorneys to act for you, and you can specify how they must work to make decisions on your behalf.
Why is Lasting Power of Attorney so important?
If you lack mental capacity at some point in the future, there is no automatic right for say your child, partner or spouse to access your assets or make decisions on your behalf, without an LPA.
An application may then have to be to the Court of Protection, by a loved one to be appointed your Deputy, this can be a lengthy and costly process and the Court could appoint someone that you may not have chosen for yourself , such as a Court Official, who will make a charge for acting for you. Most people these days consider an LPA at the same time as writing or updating their will.
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