There may come a time in your life when you are unable to manage your financial affairs or personal welfare, owing to some form of incapacity, and you will need someone to act on your behalf.
Even when we are young, we can find ourselves incapacitated owing to illness or injury, and it is important to have a reliable person of your own choice appointed to manage your personal affairs, rather than someone appointed by the courts.
Similarly, as we get older, the need for an attorney increases as we are more prone to illness and injuries.
By creating a Power of Attorney in advance, you will have peace of mind that if the worst happens your financial affairs and personal welfare are in safe hands.
A lasting power of attorney (LPA) is a legal document that lets you (the “donor”) appoint another person (the “attorney”) to make decisions on your behalf if you lose the ability to do so yourself. There are two types: one for making financial decisions and another for making health and care decisions. You should set up both types of LPAs.
If you lose mental capacity without Lasting Powers of Attorney (LPAs) in place, your finances can be frozen, even joint accounts, and decisions about your care will be made by authorities or a court-appointed deputy rather than someone you trust. Your loved ones would need to apply to the Court of Protection for a deputyship order, a costly and time-consuming process and you can’t choose who your deputy is, because you’d have lost mental capacity to choose who acts for you.
If you lose capacity there is no automatic right for your family to make medical or care decisions on your behalf. This is why it is important to have a Health & Welfare LPA, as you can appoint someone that you trust to make these decisions if you become incapacitated. This allows you to maintain an element of control by choosing who you want to manage your health & welfare.
You may think “I’m too young to need a Lasting Power of Attorney”, or “I don’t need Powers of Attorney because I’m mentally capable”. What if the unimaginable happens and you find yourself involved in a terrible accident that leaves you with life changing injuries, physically and/or mentally? You may no longer be able to manage your affairs, and without a Lasting Power of Attorney in place, the person (or people) who you would have naturally appointed in the role of attorney, would be left needing to apply to the Court of Protection for a deputyship order – which is expensive and a lengthy process.
It’s possible that you may never find yourself needing to use these documents but, having them in place early on can provide you with the peace of mind that your affairs will be taken care of if the need should arise. A vital insurance to have.
There is one for Property & Financial Affairs, to appoint Attorneys to handle all aspects of your finances, including your bank accounts & paying your bills. There is also one for Health & Welfare to enable Attorneys to make decisions regarding your care, medical treatments, & life-sustaining treatments.
You choose if your Financial LPA can be used as soon as it is registered, with your permission, or only when you lose capacity. A Health & Welfare LPA can only be used once you have lost capacity.
No, an attorney cannot make or change your will
Yes, the authority given by Lasting Powers of Attorney ends immediately, and your will takes over.
Your attorney will have a lot of power over your affairs, so make sure you choose someone you trust completely. You could choose someone you’re close to, such as a family member or a friend. It’s important to choose someone who can be trusted to act in your best interests and has the ability to carry out the required duties. Give the person you ask to be your attorney time to think properly about whether they’re prepared to take on the responsibility as it can be a very long-term job.
Yes, appointing at least one replacement attorney is strongly advisable for a Lasting Power of Attorney (LPA) to ensure the document remains valid if your primary attorney(s) can no longer act. Without a replacement, your LPA may become void if your sole attorney passes away, loses capacity, or cannot act for any reason.
Yes, you can change your mind and cancel (revoke) or amend a Lasting Power of Attorney (LPA) at any time, provided you still have the mental capacity to make that decision.
You cannot simply cross out text on your Lasting Powers of Attorney; you must use a formal “deed of revocation” to cancel it; or make a new one to change attorneys.
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Christine AllenA very positive and surprisingly pleasant experience overall. Karen made several home visits during which she answered my many questions and provided clear information about my options re setting up Power of Attorney and making a Will. Very satisfied with the service provided and would have no hesitation in contacting her again should the need arise.Verified by TrustindexTrustindex verified badge is the Universal Symbol of Trust. Only the greatest companies can get the verified badge who has a review score above 4.5, based on customer reviews over the past 12 months. Read more
