Putting the right people in place for your futire
A Lasting Power of Attorney (LPA) is a legal document in which you appoint persons whom you wish to make decisions on your behalf should you become unable to do so yourself either as a result of an illness or accident.
There are two types of LPA: one which relates to property and financial affairs and the other for decisions in connection with your health and welfare.
Property and Financial Matters
In the event that you lose the capacity to make your own decisions about these important matters, an LPA enables a person or persons whom you have selected to help deal with your financial affairs authorising them, for example, to manage your property, bank accounts and pay bills on your behalf.
If you should become incapacitated with no LPA in place, your family, friends or loved ones would not be able to take control of your finances until they had successfully completed a potentially expensive application to the Court to be appointed. It is worth bearing in mind that anyone is able to make this application to the courts and this might not necessarily be the person(s) you would choose yourself.
Sometimes, a property and financial LPA can be useful to those who still have mental capacity, for example for those with reduced mobility for whom visiting the bank can be difficult, those living/working abroad for a time or for someone who needs help to liaise with financial organisations. The appointment of someone as a power of attorney empowers them to deal with matters on your behalf.
Health and Welfare Matters
Unlike the property and finance LPA, the health and welfare document is only valid once you no longer have the capacity to manage your own affairs. Attorneys chosen by you are appointed via this document can make vitally important decisions about your living arrangements, medical treatment and, if you choose, may go as far as to give the Attorney authority to decide whether or not life supporting treatment is continued or withdrawn.
How We Can Help
- Explaining the process
- Helping you to decide which kind(s) of LPA you require
- Drafting documents (if necessary we can also supervise the signing of these documents)
- Providing assistance to Attorneys to help them carry out their roles
If you are considering an LPA, please bear in mind that you can only do so whilst you still have capacity to make these decisions.
Foresight Estate Planning - Planning today for a better tomorrow
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**The Financial Conduct Authority does not regulate tax advice.
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