A Lasting Power of Attorney is a document that legally appoints someone to act on your behalf, should you become unable to manage your own affairs. It can save your loved ones from going through difficulties if they need help in the future and it allows personal and financial matters to be dealt with efficiently.
For expert advice, get in touch with the team on 01494 781362 or email privateclient@blasermills.co.uk. Alternatively, fill in our contact form.
Working with you to plan for the future
We place great importance on helping our clients organise their affairs to give them and their loved ones the best advantage, both now and in the future. Through comprehensive and pragmatic advice, we will help you put the right documents in place and ensure your assets are protected and your loved ones are cared for.
We understand that these conversations are difficult to have but we aim to make the process as easy as possible for you. Together we will take the time to talk through your wishes with you and provide reassurance as well as clear and constructive advice. Our team members are highly experienced in dealing with these sensitive matters and will be able to answer any questions you have. Our aim is to ensure you have complete peace of mind and a full understanding of all aspects of what you are signing.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney is an essential part of planning for the future as it allows a loved one to make decisions on your behalf, should you be unable to do so yourself. Once it has been executed, the document can be stored until such time as it is needed.
You can sign two different types of Lasting Power of Attorney – each taking a different role. Firstly, one that covers property and financial affairs. This includes the power to manage bank accounts, pay expenses, complete tax returns, deal with investments and buy and sell property. Once registered, and unless you have put a restriction on it, this type of Lasting Power of Attorney can be used by your attorney(s) straight away. Lasting Power of Attorney replaced Enduring Powers of Attorney from 1st October 2007, although any Enduring Powers of Attorney made before that date are still effective.
The second type of Lasting Power of Attorney covers health and welfare decisions if you have lost mental capacity. This is for decisions about your personal care, such as where you will live, who will live with you and some medical decisions, including consent to or refusal of life-sustaining treatments.
You can choose different attorneys for each type of Lasting Power of Attorney, and our specialist team of Wills and probate solicitors can help you establish the best options for your circumstances.
Why it is important to have a Lasting Power of Attorney
If you can no longer manage your own affairs and you do not appoint someone into the role of Lasting Power of Attorney, your loved ones could find it difficult to help you as they will not be able to deal with your assets or make decisions on your behalf.
This can cause problems if a property needs to be sold and bills need to be paid, for instance if you need a carer or to pay a nursing home. In some cases, even your spouse might be legally unable to make the necessary decisions or sell a jointly owned home.
In this event, a family member would need to make an application to the Court of Protection to become your deputy. This is more expensive than appointing a Power of Attorney and involves more ongoing expenses as the Court continues to monitor their activities on your behalf, including requiring them to submit annual accounts.
Appointing an attorney to act on your behalf
By deciding in advance who you would like to act as your Lasting Power of Attorney, you can be sure you have the right plans in place by discussing matters with them. It will also ensure you have chosen someone who is both willing and able to take on the role.
When choosing your attorneys, you need to think very carefully. A Lasting Power of Attorney is an extremely powerful document as you are handing over key decisions about your life, your welfare and your assets to someone else. Therefore you should choose people who are responsible, trustworthy and have the appropriate skills to make the decisions you set out in the LPA.
We help our clients and their attorneys understand the responsibilities that are involved as a Lasting Power of Attorney, and that everyone is happy with the arrangement. It is possible to appoint more than one attorney to act for you and our Wills, Trusts and Probate team can explain the advantages and disadvantages of this.
When to make a Lasting Power of Attorney
A Lasting Power of Attorney does not come into effect immediately so, it should be signed well in advance of when it is needed. If it is left too late, it may no longer be possible to sign at that stage, especially if the person signing no longer has the mental capacity to understand what they are signing.
Having a Lasting Power of Attorney in place gives you and your loved ones peace of mind, and at Blaser Mills Law we believe it is an essential part of ensuring financial and personal affairs are well organised for the future.
Can you change your mind once the Lasting Power of Attorney is in place?
You can cancel your Lasting Power of Attorney at any time provided you have the mental capacity to do so, even if it has been registered with the Office of the Public Guardian. If not cancelled it will last until you die.
If you decide to change your attorneys, you will need to cancel your current Lasting Power of Attorney and make a new document. The new document will need to be registered before it can be used.
You may also choose to appoint a successor to your attorney in case the attorney dies or is otherwise unable to act for you. This ensures you create a document that will last any major life changes.
When can the attorney act?
Your Lasting Power of Attorney must be signed by you and by everyone who is to act as your attorney. Your signature must also be certified by another suitably qualified or knowledgeable person, who can confirm that you understand the nature and scope of the Lasting Power of Attorney and have not been unduly pressured into making the power.
Your lasting power of attorney must then be registered with the Office of the Public Guardian before it can be used.
A property and financial lasting power of attorney can be used both if you have mental capacity to act and if you lack mental capacity to make a financial decision.
A Health and welfare lasting power of attorney can only be used if you lack mental capacity to make a welfare or medical decision yourself.
Contact us
For expert advice, get in touch with the team on 01494 781362 or email privateclient@blasermills.co.uk. Alternatively, fill in our contact form.