Equity Release – Your Top 10 Questions Answered In our Residential Conveyancing department we are often asked by our clients to give them advice when they are considering Equity Release Schemes. In this Blog, Arlie Asbury, one of our Licensed...
Lasting Powers of Attorney
Anyone could lose the ability to manage their own affairs through accident or illness, a Lasting Power of Attorney (LPA) ensures that someone you’ve chosen can manage your financial and welfare needs on your behalf.
An LPA is a legal document that lets you appoint one or more people to help you to make decisions or to make decisions on your behalf if you are no longer able. This person is known as your ‘attorney’, and you can choose what decisions they are allowed to make for you.
There are 2 types of LPA; Health & Welfare, and Property & Financial Affairs. You can choose to make one or both.
An LPA can only be used after it has been registered at the Office of the Public Guardian (OPG).
You must be 18 or over and have the ability to make your own decisions when you make your LPA.
Health & Welfare LPA
A health & welfare attorney could make decisions about health care, medical treatment, where you live, and day-to-day matters such as your diet, clothes and daily routine.
A Health and Welfare LPA can also include the power to accept or refuse life-sustaining treatment on your behalf.
Property & Affairs LPA
A Property and Affairs LPA provides your chosen attorney with the ability manage your finances and property. This could include paying your bills, collecting your income and benefits, managing bank and savings accounts, making or selling investments, or buying and selling your house.
You can limit the decisions that they are allowed to make, or place conditions on what they can do. Once registered, a property and affairs LPA can be used even if you are still able to deal with these things yourself.
Why make an LPA
Making an LPA is a safeguard for the future, but need not necessarily mean you lose control over your affairs.
It can be reassuring to know that, if you are unable to make a decision for yourself, the person you choose will make these decisions for you.
Making an LPA now will make things easier for your family should you lose mental capacity. It will be more expensive, difficult and time-consuming for them to get authority to act on your behalf when you are not able to give it.
The LPA can be revoked at any time while you still have mental capacity, and conditions can be placed upon its use or scope.
Making an LPA can start discussions with your family or others about what you want to happen in the future.
Why choose Fishers Lasting Powers of Attorney Solicitors
An LPA is a powerful document, you should always seek professional advice and assistance in drafting and registering an LPA.
Fishers Lasting Powers of Attorney Solicitors can help you to understand the important decisions, and the implications those decisions could have. Our team of professional lasting powers of attorney advisors have advised on many LPAs and can explain the different considerations you must make.
For further information or to book an appointment, call your nearest office or complete an enquiry form and a member of our team will call you back.