A Lasting Power of Attorney (LPA) is a very useful and powerful document which you can put in place to ensure that, if you become unable (either on a permanent basis or on a temporary basis only) to manage your affairs and to make important decisions, you can choose whom you would want to make those decisions for you.
The people whom you appoint are called “Attorneys”. You give them the “power” to act on your behalf and this power is recognised by Banks, Building Societies, Utilities Companies, HMRC, Benefits Agency, indeed anyone with whom you would normally deal or communicate either on a day to day basis or throughout the year.
The ability to choose whom you would want to assist you should you be unable to manage your affairs yourself, is empowering. It is also essential that, when making the decision to appoint this Attorney or Attorneys, that they are trustworthy and that you can rely upon them 100% to always act in your best interests and to keep you involved in any of the decision making processes, as necessary, while the LPAs are being used.
Putting LPAs in place is recommended so that if a situation should arise and you are incapacitated, either physically or mentally (or both), the Attorneys can seamlessly pick up the management of your affairs.
LPA’s were introduced by the Mental Capacity Act 2005. The Act gives guidance to you, as the person creating the Power and to your Attorneys. It also gives guidance to the Attorneys as to their role, their duties and their responsibilities.
In fact, there are two types of LPA’s. There is one that deals with your property and finances-this enables your Attorneys to sign cheques on your behalf, pay bills, deal with your finances, open or close accounts, sell shares, even sell your house, if that becomes appropriate. The LPA for property and finances does not have to be used immediately and can be kept safely, to safeguard and protect you in the future.
The second LPA covers your health and welfare. Once in place your Attorneys would be able to make decisions about your health and welfare, including decisions about where you should live and what medical treatment you receive if you have lost the mental capacity to make such decisions for yourself. It also enables your Attorneys to discuss your medical situation with your GP and with all other medical professionals.
LPAs must be registered with the Office of the Public Guardian before they can be used. The registration process takes approximately 20 weeks and, therefore, it is important that LPA’s are prepared sooner rather than later so that they are completed, registered and put to one side so that they can be readily used, as and when necessary.
There are many issues to consider when preparing the paperwork for the LPA’s to be granted. There are important considerations to discuss. I personally feel that having a Lasting Power of Attorney prepared professionally, just as with a Will, will ensure that all possible scenarios are discussed and situations considered before a final decision is made as to who is appointed, who is named as a Replacement Attorney and who is notified at the point of registration.
For more information or for an appointment please contact Martyn Prowel Gartsides Solicitors on 02920 470909