It is a common misconception that family members or next of kin can make decisions for a loved one their behalf.
However, without a Lasting Power of Attorney (LPA) in place no other person aside from you has the legal right to make any decisions. This can lead to assets being frozen and your loved ones wishes may be ignored.
What is a Lasting Power of Attorney (LPA)?
An LPA is a legal document which enables you to appoint people to manage your affairs on your behalf when you are not able, or no longer want to, make your own decisions. The reason that many people prepare an LPA is because they are worried that they will become physically or mentally be unable to deal with matters themselves in the future.
You as the “donor” will appoint people as your “Attorneys”. They are often close family or relatives, but professionals, such as Watkins and Gunn, can also be appointed. Your Attorneys must be people that you trust to deal with matters on your behalf and perform the role to the standard required.
There are two different types of LPAs that can be prepared:
Property & Financial Affairs and Health & Welfare
Property & Financial Affairs LPA This type of LPA allows your attorneys to make decisions about your finances and can enable them to sign cheques, pay bills and deal with your property. This type of LPA can be used as soon as it has been registered with the Office of the Public Guardian (OPG).
Health & Welfare LPA
Your attorneys can make decisions about your health, your day-to-day care and your medical treatment. This type of LPA can only be used once you have lost the mental capacity to make decisions for yourself.
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Contact us today to discuss Lasting Powers of Attorney, our Will services or any other related matter.