What is a Lasting Power of Attorney?

Lasting Power of Attorney

 

With 2020 well underway, it is a good time to start thinking about making a Lasting Power of Attorney (LPA). 

 

 

A LPA is just as important as making a Will, as it relates to management of your affairs during your lifetime, whereas a Will relates to the distribution of your estate following your death.

 

A LPA is a legal document that enables you to appoint another person with the right to make decisions about your future care and welfare, should you have an accident or an illness and are unable make your own decisions.

 

There are two main types of LPAs. A health and welfare LPA relates to future medical care, moving into a care home and life-sustaining treatment. A property and financial affairs LPA deals with managing bank accounts, investments, paying bills, pensions and selling property. 

 

You should not assume that because you are married or in a civil partnership that your spouse or partner will automatically be able to deal with financial affairs and make decisions about healthcare, especially if you have assets held in your sole name.   

 

If you are a business owner it is important to consider what would happen if you were unable to make decisions. If there is no business LPA in place there may well be issues with bank account signatories, paying creditors and employees and contractual obligations.  Without a business LPA in place, an application to the Court of Protection to appoint a deputy to act on the business owner’s behalf will be needed. However, there is no guarantee that the Court will appoint the same individual that the business owner would have chosen.

 

Lentells can assist with both the procedure of completing the necessary paperwork as well as advising on all the areas you need to consider ensuring the LPA covers all possible eventualities.

To find out more about LPA's, please contact:

Rob Wegner at our Chard office, 01460 64441, robert.wegner@lentells.co.uk 

Mike Griffiths at our Seaton office, 01297 2058, michael.griffiths@lentells.co.uk 

Debbie Thatcher at our Taunton office, 01823 286274, debbie.thatcher@lentells.co.uk