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.
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:
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:
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.