Get the Complete Knowledge of Lasting Power of Attorney

Posted by Tony Rochester on February 4th, 2018

We are living decades longer than ever before—which also means that we’re likelier to lose the ability to take care of our own affairs at some point in our lives, whether due to illness, an accident, or simply old age. This is where a Lasting Power of Attorney or LPA comes in. This document allows you to decide who will manage your affairs should you be incapacitated.

A Lasting Power of Attorney essentially gives someone a person you trust, whether a close friend or a relative, the legal power to act on your behalf when a loss of physical or mental capacity renders you unable to run your own life. It can only be used upon registration with the Office of the Public Guardian. There are two kinds of LPA:

• Health and Welfare –This type of LPA gives the person you appointed the ability to make personal and care decisions for you. It can also specify your wishes on matters of life-sustaining treatments.

• Property and Financial Affairs – This type of LPA lets the person you appointed to pay your bills, collect your pensions, deal with your banking and investment functions, arrange and collect benefits, sell property on your behalf, and make other financial decisions.

Without an LPA, your loved ones may need to use their own money to make the application for a deputyship order because your accounts are frozen and they have no legal access to them. Lengthy delays (9 to 12 months) and substantial costs (£2,500 and up) are involved. The court decides who will deal with your affairs—and in some cases, they may assign a court-appointed official. Your loved ones have to clear all decisions with this stranger.

An LPA puts you on top of things and ensures that you don’t become a burden to your family if the unexpected occurs. It can also give you peace of mind knowing that the people you trust most will manage your affairs until you are healthy enough to regain control.

About The Author
The article is written by Tony Rochester, the estate planning advisor of MVL Wills and Trusts. A professional estate planning company based in Battle, East Sussex. We are an official partner of Countrywide Tax & Trust Corporation Ltd, an estate planning specialist with many years experience in preparing Wills and Trusts. We serve East Sussex and Kent, including Hastings, Bexhill, Rye, Eastbourne, Tunbridge Wells and the surrounding areas.