Suddenly issues can arise ranging from simple matters such as signing cheques and paying your bills to larger scale problems such as managing your investment portfolio, selling your house or making medical decision.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) helps you to arrange your affairs so that matters will be looked after by someone that you have chosen if you are unable to look after your own affairs.
There are two different types of LPA. The Property and Affairs LPA is a document in which you appoint one or more Attorneys to assist you with your property and financial affairs. This can be a very practical solution to problems of both a physical and mental nature that may arise in the future.
The Health and Welfare LPA is a document in which you appoint one or more Attorneys to make decisions about your health and welfare. This LPA can only be used by your chosen Attorneys if you are unable to make your own health and welfare decisions.
It covers issues such as where you should live, your diet and dress, consenting or refusing medical treatment including, if you wish, an authority for your Attorney(s) to refuse life sustaining treatment on your behalf.
You can decide to make both types of LPA or just one.
And remember that if you are unable to manage your own affairs and you have not made an LPA anyone can make an application to the Court of Protection to manage your affairs on your behalf and your choice as to who will act for you is lost.
The costs for making an LPA are a one off payment and are less than £1,000. The costs for making an application to the Court of Protection can exceed £2,000. There are also ongoing annual costs in connection with a Court of Protection Deputyship.
If you would like further information about creating an LPA please contact Sue Jennings in our private client team on 01226 733 533.