Lasting Powers of Attorney
We don’t know what the future holds for us, it is essential to consider, as part of an over-arching estate plan, who would be able to make decisions for you if you were unable to make them yourself.
Lasting Powers of Attorney (LPAs) offer the solution, helping you retain control beyond your mental capacity. LPAs are documents where you appoint someone to make decisions for you, should you become unable to make them for yourself. There are two types of LPAs, one deals with property and financial affairs, the other with health and welfare issues.
There is a public misconception that LPAs are for the older generation. This is not the case. We are seeing more and more young clients preparing LPAs or having to make applications to the Court of Protection because of accidents or illness.
If you don’t have an LPA in place and you lose your mental capacity, an application will be made for a Court appointed deputy. You will have no choice as to who will be appointed. This can be expensive and time consuming.
Our expert Private Wealth team can help you make the best possible decision and guide you through this often complicated area of law, advising you on the best way to proceed. Contact us on 0203 507 1609 to find out how we can help you create an LPA that’s right for you.
Property and Financial Affairs LPA
Property and Financial Affairs LPAs provide your Attorney(s) with authority to make decisions regarding your property and finances. They will be able to make exactly the same level of decisions as you can currently, such as:
- making or selling investments;
- dealing with the bank;
- collecting benefits; or
- selling your home.
It is important to take advice regarding the extent of your Attorney(s) power, especially if you have investments. These are legally effective as soon as they are registered with the Office of the Public Guardian (OPG) or when registered with the OPG and you no longer have mental capacity. Whilst you remain mentally capable of making decisions, your Attorney(s) can only act with your consent, you are not stopped from continuing to manage your own property and financial affairs should you wish.
Health and Welfare LPA
Health and Welfare LPAs provide your Attorney(s) with the authority to make decisions regarding personal issues such as:
- where you live;
- the type of care you receive; or
- medical decisions.
You can also give your Attorneys power to give or refuse consent for life sustaining treatment.
This type of LPA can only be used once it is registered with the OPG and you are unable to make the decision yourself.
In order to proceed with LPAs, you will need someone to act as your Certificate Provider. This person must ensure that the person who wants to make the LPA is mentally capable of doing so and that they are not under any duress to complete the process. This can either be a professional (Solicitor or Doctor) or someone who you have known personally for more than two years.
We want to help you make the best possible decision when it comes to your Estate planning. We will provide you with the best possible value – above and beyond the industry standard.
We will present you with the options available to you and advise on the best way forward, so you can make a fully informed decision that is right for your own personal circumstance. We advise; you decide.
To find out how we can help you create an LPA, please contact us on the details below to make an appointment.
During these uncertain times, we want to give back to the community and give people peace of mind. Therefore we are offering a free 30 minute personal risk conversation to discuss your wills and estate planning and give you one less thing to worry about
To find out more, click here.