A Lasting Power of Attorney (LPA) is a document which allows someone to make decisions on your behalf should you become physically or mentally incapacitated in the future and unable act for yourself. The person / people you appoint to act for you are called Attorneys.
Nobody knows what the future holds, anything can happen and, with one in three people in the UK now developing dementia, it is important that your LPA’s are in place whilst you still have the mental capacity to make them.
One common misconception people have, is that they will have to surrender their right to make their own decisions immediately which is not true, you stay in control until you need help.
LCS offer three different types of LPA:
The Property & Financial Affairs LPA
This allows your Attorney to manage your finances, pay your bills, deal with your pensions, investments and savings, completing tax returns and sell your home.
All LPA’s must be registered with the Office of the Public Guardian before they can be used.
With this LPA, you can choose when your Attorney steps in. For example, if you have mental capacity but cannot physically manage your day to day finances, your Attorney can help you with this. You can opt for restricting your Attorneys so that they can only act once you have lost mental capacity. The problem with this option is that should you have an accident or prolonged illness your Attorneys will not be authorised to help you.
The Health and Welfare LPA
This allows welfare and healthcare decisions to be made on your behalf, for example, where you live, what you wear, health provisions, dentistry, as well as consenting to you undergoing surgery, being kept alive on life support systems and resuscitation. This LPA can only be used once you have lost mental capacity.
The Business Affairs LPA
This LPA allows someone to manage your business interests should you become unable to manage or lose mental capacity in the future.
It is important to appoint your LPAs whilst you still have capacity, as once you lose capacity, your assets become frozen.
If your capacity is already compromised, you will be unable to appoint someone in the “normal way”. Instead, someone will have to make an application to the Court of Protection to become your Deputy in order to make decisions for you.
This is a very long, costly and sometimes stressful process.
Avoid leaving things to chance, give yourself peace of mind this Christmas, contact LCS NOW on 0345 017 8250 and take advantage of our buy one get one half price on all LPA’s