What is a Lasting Power of Attorney?
An LPA is a legal document that sets out your wishes and allows you to choose:
- Who will make decisions/act for you (known as your attorneys)
- How your attorneys will make decisions (they can either act jointly or jointly and severally)
- What decisions are made (you can specify preferences and instructions).
Why is a Lasting Power of Attorney needed?
If you do not have an LPA and then you lose mental capacity, your loved ones may have to apply to the Court of Protection for a deputyship order. A deputyship order is more time consuming and expensive than doing LPAs. Until a deputyship order is in place, your financial assets would be stuck in a vacuum and your loved ones would have no way to access them.
Are Lasting Powers of Attorney necessary?
LPAs are necessary if you want to be in control of who will make decisions for you and how those decisions are made if you are unable to decide yourself. LPAs are like an insurance policy – you hope never to use them, but they are there if you require your attorneys to start acting.
When should I set up an LPA?
You should not delay setting up an LPA as you must have mental capacity in order to do so.
Are you worried about losing mental capacity?
Do you need someone you know and trust to manage your financial affairs on your behalf if you do lose capacity?
If you answered yes to any of the above questions then you should consider securing a Lasting Powers of Attorney (LPA).
If you wish to discuss matters further please arrange an appointment with one of our experienced advisors who will be happy to answer all enquiries. Contact our team at wills&probate@winstonsolicitors.co.uk or call us on 0113 320 5000.
No. Your family will have no access to your bank accounts and cannot sell your property unless they make an application to the Court of Protection for a deputyship order, which is a costly and lengthy process.
A Lasting Power of Attorney (LPA) is a legal document which allows a person (the donor) to appoint someone or more than one person they trust (attorneys) to make decisions for them when they no longer have the mental capacity to make the decisions themselves. An LPA has to be made while the donor still has the mental capacity to give their consent to it.