A Lasting Power of Attorney (LPA) is a document which allows a person to elect people to handle their affairs when they no longer have the mental capacity to do so. For example due to illnesses such as dementia. An LPA is only valid during your lifetime, unlike a Will which only activates upon death.

If you lose your capacity to make every day decisions for yourself, who will you like to make payments on your behalf for your mortgage, bills? Who would make medical decisions on your behalf?

There are 2 types of LPA, one for Property and Financial Affairs and one for Health and welfare.

Property and Financial Affairs

This document covers decisions regarding your property and payments.

Health and Welfare

This document covers decisions based upon a persons health care including medical decisions like treatment and life sustaining treatment.

What is an Attorney and what are their responsibilities?

An attorney is someone over the age of 18, normally family and friends but if needed a professional attorney may also be necessary.  When you no longer have Mental Capacity, the people you nominate will make the everyday decisions, on your behalf.

Under the Mental Capacity Act ( Link to gov website of MCA), Attorneys must:

• They must act in your best interest
• They must consider your past and present wishes
• They cant take advantage to benefit themselves
• They must keep all of your money separate from their own

 It is important to consider how an attorney will step in and act. We at quadrant Estate Planning would always recommend having more than 1 person on the document. There are different ways your attorneys would step in and act:

• Jointly- decisions are always made together
• Jointly and severally- decisions are made together and individually
• Jointly or Some and Severally for Others

If you do not set up an LPA and you lose mental capacity, the Courts will appoint someone to manage your affairs. Your family and friends could apply to the Court of Protection to become a ‘Deputy’ this can be a lengthy process and a very stressful time for them.

Plan now for ease of mind and book in to see one of our consultants today.