While most of us don’t like to think about it, as an aging population, more of us are experiencing problems such as dementia. A lasting power of attorney is a legal document which lets you appoint others to make decisions on your behalf should you become mentally incapacitated.
Why LPAs are beneficial
Some people wrongly assume that their next of kin can handle their affairs if they are no longer able to. But without an LPA, the amount of assistance they can give is limited. If someone doesn’t have an LPA and has lost mental capacity, their family may have to apply to the Court of Protection in order to be able to act on their behalf and this can be costly. LPAs, however, are relatively cheap and easy to do. If you are looking for legal advice from a London law firm about this, specialists such as forsters.co.uk can help.
LPAs have to be registered to be valid. Once registered, LPAs last until the donor dies, revokes it or their attorney becomes incapable.
Lasting power of attorneys explained
Property and Financial Affairs LPA – This allows a person, called the ‘donor’ to appoint an attorney or attorneys to manage their financial affairs. This includes bank accounts, bills, investments and property. This can be used even when someone has their mental capacity, if they so wish.
Health and welfare LPA – A health and welfare LPA can only be used once you lose mental capacity and allows your appointed attorney to make medical treatment and care decisions.