Why everyone should have a Lasting Power of Attorney
At some stage in your life you may need someone to look after your affairs. Anyone over 18 can and is advised to make a Lasting Power of Attorney (LPA).
A Lasting Power of Attorney allows you to give legal authority to people you trust (called your Attorney(s)) to manage your affairs on your behalf for when you are unable to do so for whatever reason. They can make decisions regarding your property and financial affairs or decisions regarding your health and welfare depending on the type of LPA you have drawn up.
An LPA is useful when you are abroad, physically or mentally incapacitated or simply want someone to help you manage your affairs. By having proper legal authority, your Attorney will be able to deal with all your affairs such as paying bills, collecting wages and benefits, buying or selling your home and even give consent for medical treatment on your behalf without any issues.
You may be wondering why you should even consider having an LPA when you are still young, fit and healthy. By making an LPA now, you can rest in the assurance that should anything happen to you someone you trust will be able to look after your affairs on your behalf without an issue.
There are two types of LPA:
. A property and financial affairs LPA: this gives your legal representative the legal power to look after your property and financial affairs such as buying or selling a property.
. A health and welfare LPA: this gives your legal representative the legal power to make decisions relating to your welfare and healthcare such as give consent for certain medical treatments.
It is important to note that an LPA must be registered with the Office of the Public Guardian before it can be used as the LPA is not a legally binding document until it has been registered. An LPA can be registered at anytime after it has been completed and you can cancel it at any time providing you are mentally capable of doing so.
So what happens if you choose not to make an LPA and you later find yourself unable to look after your affairs? In this situation, a relative or close friend would need to make an application to the Court of Protection for authority to deal with your affairs. This is an expensive and time consuming process and in the time it takes an application to go through, the ability for them to deal with important matters on your behalf will be very restricted. By having an LPA in place, your legal representative will have the legal power to act on your behalf immediately, should you need them to for any reason.
If you decide to make an LPA or you need further advice, speak to an expert wills and probate specialist who can give you further advice and make the application for you.
For everything you need to know about probate and intestacy, including what all the legal terms mean, get in touch with a legal advisor who will be able to guide you through the processes step by step.
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