Losing capacity to manage your financial affairs
Ensuring an LPA is in place should be a key consideration in all financial planning or protection insurance planning conversations. Having plans in the event of physical or mental incapacity should sit alongside any planning for ill health or unexpected death.
Types of Lasting Power of Attorney
An LPA for property and financial affairs
An LPA for health and welfare
Once complete and these have been registered with the Office of the Public Guardian (OPG), your Attorney(s) can make decisions for you if you no longer wish to or lack the mental capacity to do so.
When will I need a Lasting Power of Attorney?
A temporary situation: for example, if you are working away overseas for a period; or if you are in hospital and need help with everyday tasks such as paying the bills.
On diagnosis with a condition such as dementia and where you may lose the capacity to make your own decisions in the future.
It is important that you set up an LPA sooner rather than later and when you still have the mental capability to do so.
Let us help
Below we have listed some frequently asked questions. If you are worried about what would happen in the event you or a loved one lost capacity and would like some professional assistance in setting up an LPA, please get in touch.
Frequently Asked Questions
Why should I set up a Lasting Power of Attorney?
Having an LPA in place ensures you and your family are protected, and someone trusted will be allowed by law, to look after your best interests if you lose the ability to do so yourself.
Can I choose how many people I appoint to act as my Attorney?
What are the different types of Lasting Power of Attorney?
What financial arrangements can be made by a person granted Power of Attorney?
An instruction must always be followed; a preference is just an indication as to what you would want them to do.
What is a Lasting Power of Attorney for Health and Welfare?
This can include many aspects: such as where you live, your medical treatment, your daily routine and even what you can eat or the clothes you wear.
It only comes into effect on losing mental capacity and your attorneys can’t use it to force a medical practitioner to administer a particular type of treatment.
Can I state when a Lasting Power of Attorney comes into effect?
A Health and Welfare LPA can only come into effect once you have lost mental capacity to make your own decisions.
If I have lost capacity, could my Attorney(s) make gifts to themselves or others – or even re-write my Will?
An Attorney does not have authority to change your Will.
Can I cancel my lasting Power of Attorney if I change my mind?
If you wish to make amendments to your LPA in the future, you will need to create a new one, as it is not possible to amend an existing document.