Power of Attorney
We’re often asked if it’s possible for family or friends to take over the financial affairs of a loved one who is ill, away from home or incapacitated.
And we answer:- it is - but only if you have a Power of Attorney!
What is a Lasting Power of Attorney (“LPA”)?
It’s a document by which you choose one person, or more, to stand in your shoes and deal with the outside world on your behalf. You are the Donor and the person whom you appoint is your Attorney.
You can only enter into an LPA if you have full mental capacity.
There are two types of LPA:
Property and Financial Affairs
This allows your Attorney(s) to deal with your financial affairs as though they were you. They can buy things, transfer money and sell your property if it is in your best interests to do so.
Health and Welfare
This allows your chosen Attorney(s) to make decisions about the medical treatment you should receive if you are unable to give instructions yourself, and to make decisions about your welfare such as whether you should live in a residential care home.
By making an LPA (of either kind) you are giving away a lot of power – but you needn’t worry; you can ensure that you are well protected.
Firstly – an LPA (of either kind) cannot be used at all unless the Attorney holds the original document. If you wish, we can keep the original document in our safekeeping (there’s no charge for this – it’s all part of the service) so that you have peace of mind. We’ll only release it to the Attorney upon your order or if we are satisfied that you have lost the mental capacity to deal with your own affairs.
Secondly, an LPA (of either kind) can only be used if it has been registered with the Office of the Public Guardian (“OPG”). You can prepare and sign the document and delay having it registered until it is needed.
Thirdly, you can, in the document itself, limit what your Attorney(s) can do.
Really, everyone – however young – owes it to their family and loved ones to make both types of Lasting Power of Attorney:- because, if an unexpected event strikes, having these documents will relieve both you and them of real financial and emotional worry.
Contact us to discuss making a Power of Attorney and ask for a fixed quote.