What is Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is created by a person – known as a ‘Donor’ – who has full capacity, who wishes to appoint someone that they trust to act on their behalf, if they become physically or mentally incapable in the future. This can relate to financial affairs and/or health and welfare decisions.
There are two types of LPA to consider:
With regards to Property and Financial Affairs, the Lasting Power of Attorney can be used whilst the Donor has mental capacity and gives consent for the Attorney to act for them. It can also be used by the Attorney if the Donor has lost capacity.
However, the Health and Welfare Lasting Power of Attorney can only be used if the Donor lacks the mental capacity to make these decisions.
It is important to note that Lasting Powers of Attorney do not give the Attorney unlimited control over the Donor’s affairs, rather the ability to step in should they need to do so.
Why should you create an LPA?
- An LPA lets you plan important financial and welfare decisions in advance.
- It allows you to decide exactly who will make decisions and how they’ll make them should you be incapable of doing so yourself.
- An LPA allows you to choose anyone – including your unmarried partner or a friend – to be your Attorney and make decisions for you when you are unable to do so yourself.
- Without an LPA, your loved ones may find it difficult, costly and time-consuming to manage your affairs as they won’t have legal authority to do so and would have to make a Court of Protection application instead.
Providing guidance over the creation of a Lasting Power of Attorney
Here at Jefferies, our specialist team guide clients on the creation of LPAs.
We will help you with the completion of Lasting Power of Attorney forms and provide guidance and advice where needed.
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