14 February 2018
The term Lasting Powers of Attorney (LPA) may sound like an exciting TV series, but it is in fact a very useful legal document that people really ought to consider having in place alongside their Will.
An LPA is a way of giving someone you trust the legal authority to make decisions on your behalf should you lose mental capacity in the future or if you are worried about managing your affairs in the future. This person is called an Attorney.
You can have more than one Attorney and these can be anyone you chose such as family members or close friends. Clearly, they should be people you trust explicitly. One could be a professional adviser, such as a solicitor, who could oversee the activities of the main Attorney.
There are two different types of LPA. One of them covers decisions about your property and finances, and the other covers decisions about your health and welfare. You can choose to have one or both.
You can appoint the same person or persons to be your Attorney for both LPAs or you can choose different Attorneys.
The LPA will only be valid if you have the mental capacity to set it up and have not been put under any pressure to create it.
It must be countersigned to this effect by a trusted third party and registered with the Office of the Public Guardian.
If you are married or in a civil partnership do not assume that your spouse will automatically be able to deal with your finances and make decisions about your healthcare. This is not the case as, without an LPA, they will not have the authority.
We recommend that everybody has an LPA in place as mental capacity can be lost or diminish suddenly, as a result of a serious accident or suffering an illness.
An LPA is especially important for older people as our bodies seem to be increasingly outlasting our minds. In fact according to the Alzheimer’s Society there are 850,000 people with dementia in the UK, with numbers set to rise to over one million by 2025. This is expected to soar to two million by 2051.
As mental powers reduce, attempting to deal with financial issues, can cause frustration and confusion and increase a person’s vulnerability.
An LPA can certainly provide some peace of mind for all concerned.
Click here to find out more about our Wills and Probate services.
Please call us or email and we’ll get back to you as soon as possible.
- 01256 460830
- [email protected]
Phillips Solicitor’s Employment Team represented the Claimant, Mr Baugh, a senior manager working for IBM, an international company. He has claims for unfair redundancy and age discrimi ...More
The Wagatha Christie trial, that concluded at the High Court last week, has certainly provided many talking points these past couple of weeks. Whether it was the insight into the relat ...More
Did you know that on 6th April 2022 the law relating to divorce was updated? Fault will no longer be a basis for divorce and this marks the biggest change to the divorce law since the M ...More
Today in his Spring Statement Rishi Sunak, confirmed that the government will press ahead with its decision to use National Insurance Contributions (NICs) as a tax to help raise £36bn t ...More
Future proofing your commercial lease for RPI reform The UK Statistics Authority (the Authority) published its response to the consultation on the reform to the Retail Prices Index (RPI ...More
Leading Hampshire law firm Phillips Solicitors continues to go from strength to strength with the appointment of senior solicitor Clare Strachan, who has joined the firm as a Legal Dire ...More