What is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a document whereby an individual (known as the donor) over the age of eighteen who has capacity, can choose who they wish to appoint to help them manage their financial and property decisions or health and welfare decisions should they become mentally or physically incapacitated and unable to make these decisions themselves.
The people who are appointed under the LPA are known as attorneys.
Why is it important?
You can only make an LPA whilst you have capacity to understand the nature and scope of the LPA. You must choose a person to provide a certificate to confirm that you are able to make an LPA.
It is also important to discuss all these matters with family and friends, particularly those who you choose to appoint as your attorneys, whilst you are able to, so that your attorneys are well aware of your wishes in the event that you do lose capacity.
Why should I make a Lasting Power of Attorney?
- You decide who deals with your financial affairs
It is entirely your decision who you appoint to be your attorneys but, you must be satisfied that they are trustworthy and capable of handling your personal or financial affairs.
- You provide guidance as to what you would like your attorneys to do on your behalf and provide details of where your assets are held
You are able to include any “preferences” and “instructions” in either of the LPA’s you decide to make, to provide your attorneys with guidance.
If you have included any instructions in your LPA’s then these MUST be followed by your attorney as these are binding.
- Your financial affairs are not held “in limbo” if no one has the authority to assist you should you become incapacitated
Your attorneys have the authority to speak on your behalf, this can be as simple as authorising utility bills to be addressed to another person.
- It is sound business practice – your staff can get paid and your business can continue
Your attorneys have the authority to manage your business accounts and make business decisions in your best interests and the best interests of the business.
- It is more cost and time effective than the alternative option
If you do not have a Lasting Power of Attorney and you do not have sufficient mental capacity to make a Lasting Power of Attorney, the alternative is to make an application to the Court of Protection to appoint a deputy to deal with your financial affairs.
The Court makes the decision as to who is appointed as your deputy. This may not be who you would choose. This process will take significantly longer than making a Lasting Power of Attorney and will cost more.
Why choose Oakwood Solicitors Ltd?
Oakwood Solicitors can assist you through this process and provide you with the necessary advice. Our team have gained an excellent reputation amongst local organisations and their client-base for delivering a personal and compassionate service.
As a firm, we pride ourselves on having a high standard of customer service and making all our current and potential clients feel at ease when making any
decisions regarding their future wishes. You will have a dedicated advisor who will work through the Lasting Powers of Attorney process with you from start to finish, assisting you in the event of any queries or issues you may have.
Your advisor will also continue to provide regular updates until your application has been completed. We will ensure the process is as stress-free and effortless as possible.
WHAT TO DO NEXT
Get in touch today for a free initial consultation. Choose one of the methods on the right-hand side of this page, or call us on 0113 200 9787 to find out how we can help you.
