01329 822 333
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If you have ever tried to deal with a bank, insurance company, or even an internet provider on behalf of someone else , you will know how difficult it is to get anything done. Financial security is vital – we all want to know our personal information (and our money) is safe.
What Are Lasting Powers of Attorney (“LPAs”)?
There are two types of LPA: Property and financial decisions (‘finance’); and health and care decisions (‘health’).
A finance LPA gives a person of your choosing the legal authority to deal with all aspects of your finances as well as any assets you own, including your house.
A health LPA gives a person of your choosing the legal authority to deal with all aspects of your medical and social care, your housing needs, and anything relating to your personal welfare.
When Can LPAs Be Used?
Both types of LPA must be registered at the Office of the Public Guardian before they can be used.
Your Attorneys can use a finance LPA once registered under your instruction whilst you still have mental capacity. This can be useful if, for example, you are going abroad for an extended holiday, or you have mobility issues and are unable to attend your bank yourself. Your chosen Attorney will take over decision making in relation to your finances if you are no longer able to make those decisions for yourself. Your Attorney is under a legal duty to act in your best interests only.
Health LPAs are slightly different and can only be used if you have lost the ability to make decisions (mental capacity) regarding your health and welfare. This may be a temporary incapacity or it may be permanent. Your Attorney will make decisions for you when you are unable to make decisions for yourself, but is under a legal duty to always act in your best interests.
What Happens If I Don’t Have LPAs And I Lose Mental Capacity?
In order to deal with your financial affairs and assets, your family (or a close friend) would need to apply to the Court of Protection to be appointed as your Deputy. The local authority may apply for appointment as your Deputy and take over the decision making for you if a suitable person known to you does not make the application. Court of Protection applications take significantly longer and are more expensive than preparing LPAs.
Who Should Be My Attorney?
Most people choose family members or very close friends. You should only ever choose an Attorney if you are certain that they are trustworthy and would only ever act in your best interests. If no-one fits the bill, you can appoint a professional, such as a solicitor or accountant.
Do I Need LPAs?
Life is unpredictable. In an ideal world all adults would prepare LPAs, but there are certain groups of people for whom LPAs should be a priority:
- You own property with someone else – if anything happens to you, affecting your mental capacity, your co-owner can have difficulties dealing with the property;
- You have been diagnosed with a condition which may result in loss of mental capacity, eg. dementia;
- There is a history of dementia in the family;
- You have physical restrictions which make it more difficult to get to the bank or talk on the telephone;
- You have specific wishes as to the type of care you receive if needed;
- There is potential for conflict between your family members;
- You live alone;
- You have a history of stroke or other potentially debilitating illness;
- You have dealt with your own affairs for years and, frankly, life’s too short and you’d rather someone else took over.
If any of the above apply, it is worth making an appointment with your Lawyer to talk over whether LPAs would be appropriate for you.
Please call 01329 822 333 or speak with a member of our experienced team who are available to assist, no matter which office you need to visit.
