A Lasting Power of Attorney, or LPA, is an important area of estate planning, alongside making a will and taking out life insurance, in order to prepare for any future eventuality that may befall you or a loved one.
Who needs an LPA?
An LPA is a legal document that is drafted “just in case” you lose mental capacity in the future, allowing a trusted person to take control of your affairs and act in your best interests if you become unable to do so. It is sensible for everyone to have one.
How do I get an LPA?
Your regular solicitor can draft an LPA, or you can get a power of attorney online from a firm such as //powerofattorneyonline.co.uk/.
Does an LPA mean I relinquish control of my affairs?
No. An LPA only comes into effect if you become incapacitated or under any other predetermined circumstance. Until then, you remain in total control of your affairs.
What happens if I lose mental capacity and do not have an LPA?
Your loved ones would need to apply for a deputyship order, which is a costly and time-consuming process.
How many attorneys can I nominate?
There is no limit, but you should consider the practicalities and only nominate those who can work together in your best interest.
Who can be my attorney?
Anyone you trust who is over the age of 18, has full mental capacity, is not bankrupt and is willing to assume the responsibility. They can be an individual, a professional or even an organisation.
