Lasting Power of Attorney
A Lasting Power of Attorney (L.P.A) is another key part of basic financial planning. If you find yourself in a situation where you have lost capacity to act for yourself, they can be invaluable.
The alternative to an L.P.A is applying to the Court of protection for a Deputyship, which takes 12 months to put in place, can costs thousands & you won't have a choice who will act on your behalf.
Health and Wealth
This L.P.A comes in to force if you are unable to make your own decisions. Your nominated attorney(s) are then able to be involved in important decisions, act on your wishes and in your best interest in the following:
Arrange where you live
Arrange 'Care' for you
Manage your medical needs
Manage your general welfare
Manage Life-Sustaining treatment.
Financial and Property
This L.P.A gives your nominated attorney(s) the power to make decisions about your finances and property, such as managing your bank accounts, paying your bills, selling your home or collecting benefits or pension.
This L.P.A can be used as soon as it is registered, with your permission.
So if you are in hospital for an extended period of time, out of the country or you lose mental capacity this L.P.A will be invaluable.
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If you are looking for help and advice about Probate or Estate Administration, then we would love to help.