In an unpredictable world, ensuring that your affairs are managed according to your wishes if you’re unable to do so is crucial. This is where Lasting Powers of Attorney (LPA) come into play. An LPA is a legal document that allows you to appoint someone you trust to make decisions on your behalf. Understanding how LPAs can be used can provide peace of mind and ensure your interests are protected. At MG Legal, our Solicitors in Lancaster are experts in drafting Lasting Powers of Attorney (LPAs).
Whilst it may seem like a trivial matter, and you may think it will never happen to you, LPAs can cover a variety of situations, such as if you no longer have capacity or if you are otherwise physically unable to deal with your own affairs.
It is also possible to appoint Attorneys in other circumstances, such as if you are abroad and want someone to deal with property matters on your behalf, however Solicitors in Lancaster would need to discuss the circumstances with you, and advise you on the best way to proceed and the costs involved.
What is a Lasting Power of Attorney (LPA)?
An LPA is a legal instrument that enables you to designate one or more individuals (known as attorneys) to make decisions on your behalf should you become incapable of doing so yourself. There are two main types of LPAs:
Property and Financial Affairs LPA:
This allows your attorney(s) to manage your finances and property, such as paying bills, managing bank accounts, and selling property.
Health and Welfare LPA:
This allows your attorney(s) to make decisions about your health and personal welfare, including medical treatment and living arrangements, but only when you lack the capacity to make such decisions yourself.
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If you are thinking of making LPAs then there are a few things to consider. For both documents, you should be able to answer:
Who would you appoint as your Attorneys?
Choosing the right people to act as your attorneys is critical. They should be trustworthy, capable of managing your affairs, and willing to take on the responsibility. It’s also advisable to discuss your wishes and expectations with them to ensure they understand and are comfortable with their role.
You should be aware that your Attorneys should be over the age of 18, and should (at the time of making the LPA) have capacity themselves. If they were to lose capacity at a later date, your Solicitors in Lancaster can discuss the best way to proceed and how you would overcome this issue.
Who cannot be appointed as an Attorney?
You can choose anyone you want to be your attorney, as long as they are over 18. For a property and affairs LPA, the person you choose cannot be bankrupt.
How do you want them to act?
There are a few different options on how your Attorneys can act, namely Jointly and Severally, Jointly, and Severally. It is worth discussing this with your Lasting Power of Attorney Solicitors as you can include specific instructions on how you want your Attorneys to deal with your matters.
When do you want them to act?
With the Financial LPA, you can choose to give your Attorneys the option to act either when you no longer have capacity or straight away. Whilst it might seem like the obvious choice to have them act when you lose capacity, it is worth discussing with your Solicitors in Lancaster as this option can potentially create issues with using your LPA.
Can Lasting Powers of Attorney be used in the future?
Yes, you can use your Lasting Powers of Attorney in the future, but there are specific conditions and requirements you need to meet:
Registration:
An LPA must be registered with the Office of the Public Guardian (OPG) before it can be used. You can register it at any time after it has been created, but it cannot be used until it is registered.
Types of LPA: There are two types of LPAs:
Property and Financial Affairs LPA:
This can be used as soon as it is registered, with your permission, even if you still have mental capacity.
Health and Welfare LPA:
This can only be used once you have lost the mental capacity to make decisions for yourself.
Activation:
Once registered, the LPA can be used when needed. For a Property and Financial Affairs LPA, this can be immediate or at a later date if you lose capacity. For a Health and Welfare LPA, it is only effective if you lose capacity.
Revocation:
You can revoke your LPA at any time while you have mental capacity. To do this, you need to inform the OPG and your attorney(s) in writing.
Conditions and Restrictions:
Any conditions or restrictions you have placed in the LPA document must be followed by your attorney(s).
Attorney’s Role:
Your appointed attorney(s) must always act in your best interests and follow the guidelines set out in the Mental Capacity Act 2005.
Benefits of Lasting Powers of Attorney
Control and Assurance:
An LPA ensures that your preferences and instructions are followed, giving you control over future decisions even if you become incapacitated.
Avoiding Court:
Without an LPA, your loved ones might have to go through a lengthy and costly court process to gain similar powers under a Court of Protection Order.
Flexibility:
You can set specific instructions and conditions to guide your attorneys, ensuring your affairs are managed according to your wishes.
Peace of Mind:
Knowing that trusted individuals are empowered to manage your affairs can provide significant peace of mind to both you and your loved ones.
A Lasting Power of Attorney is a powerful tool that helps protect your interests and ensures your wishes are respected, even when you can no longer make decisions yourself. By understanding how LPAs work and how they can be used, you can make informed choices about your future, providing security and peace of mind for you and your loved ones.
To speak to our Lasting Power of Attorney Solicitors in Lancaster about making LPAs, call 01524 581 306 or email wills@mglegal.co.uk. You can read our team’s excellent reviews, here, and find out why so many clients trust them with their Lasting Power of Attorney affairs.
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