A Lasting Power of Attorney is a legal document, known as a deed, so that you, the donor, can appoint one or more individuals you trust to make decisions for you when you can no longer make those decisions for yourself.
There are two distinct types of Lasting Power of Attorney that can provide assistance in case you ever become incapacitated or unable to manage your own affairs. These can be a lifeline when you need someone to step in and make decisions on your behalf.
Health and Welfare – allows the attorney to make decisions about your health and welfare such as medical treatment, care options, living arrangements, and other personal matters.
Property and Financial Affairs – allows the attorney to make decisions about your property and financial affairs such as managing bank accounts, paying bills, selling property, or managing mortgages.
You can have as many attorneys as you like, although you would probably have between one and four. However, it is recommended to appoint more than one because if they were to pass away or become incapacitated themselves then you would have no attorney in place, rendering your Lasting Power of Attorney ineffective.
If you appoint more than one attorney, you can decide whether they work together or separately.
If you don’t have an LPA in place, it can be difficult for others to make decisions about your property and financial affairs or your health and welfare if you lose mental capacity. In these situations, they would need to apply to the Court of Protection so they can be appointed as your deputy, which can be a long and expensive process.
While Enduring Powers of Attorney (EPA) remain legally binding, opting for a Lasting Power of Attorney offers distinct advantages.
Unlike EPAs, which solely address property and financial matters, a Lasting Power of Attorney allows individuals to make decisions regarding their health as well. This approach ensures that all aspects of your well-being are taken care of. Before using an LPA, it is essential to have it registered and it can only be created by an individual who possesses the mental capacity to do so.