Ever wondered when and why you should consider a Lasting Power of Attorney? This quick guide to Lasting Power of Attorney FAQs breaks some of the myths and misconceptions surrounding LPAs.
What is an LPA?
A Lasting Power of Attorney is a legal document which allows someone that you have specified to act for you if you can no longer make decisions for yourself.
There are 3 types of LPA;
1. Property and Financial LPA
You appoint a trusted person or persons, your attorney, to look after your financial affairs and property when you are unable to deal with them yourself.
2. Health and Welfare LPA
You appoint a trusted person or persons, your attorney, to make decisions about your health and welfare if you are unable due to mental or physical incapacity.
3. Business LPA
You appoint a trusted person or persons, your attorney, to look after your business affairs when you are unable to deal with them yourself because you are away, are ill or injured and become mentally incapable
Your Lasting Power of Attorney FAQs
Myth 1 – Loved ones can deal with my affairs
Q. Will my spouse/civil partner or children automatically be able to deal with my financial and health affairs if I lose the capability to do so?
A. Without a Lasting Power of Attorney your relatives will not have the legal authority to make financial and health decisions on your behalf.
Myth 2 – Don’t need to think about an LPA until I’m older
Q. I’ve been told don’t need to think about a Lasting Power of Attorney until I am well into later life. Is this correct?
A. It isn’t just long-term conditions such as Alzheimer’s disease which may affect your ability to make decisions. An unexpected illness or sudden accident or injury can leave your loved ones without a straightforward way of dealing with your affairs through your recovery.
Myth 3 – My relatives can easily obtain Power of Attorney
Q. Can my relatives always gain Power of Attorney if or when I do lose mental capacity?
A. You the donor, must appoint the attorney. Your relatives will not be able to apply for a Lasting Power of Attorney if you don’t have capacity and will have to go through the lengthy and costly process of applying to be appointed as your deputy.
Myth 4 – I’ll lose control of my affairs immediately
Q. Will I lose control of my financial affairs when I create a Lasting Power of Attorney?
A. Whilst you are still mentally capable, you make decisions regarding your financial affairs. As long as you are still able to make decisions on your own behalf, you can revoke an LPA at any time and you do not need to give a reason.
Myth 5 – My relatives can take control of my business
Q. Will my relatives be able to ensure the smooth running of my business if I become incapable of making decisions or am out of the country?
A. Without a Lasting Power of Attorney your relatives will be unable to take decisions on your behalf to ensure the efficient running of your business.
We hope you have found these Lasting Power of Attorney FAQs of interest.
Contact us to find out how to quickly and easily put in place Lasting Powers of Attorney to legally appoint someone to look after your financial affairs, property, health and welfare and business should you lose capacity through illness or injury.
Our advice is free of charge, we only ask for a fee when we prepare your legal documents.