If you or a loved one are facing the possibility of losing mental capacity, you should consider getting a Lasting Power of Attorney. It is important that this is done while the individual has mental capacity, as otherwise it cannot be done.
A lasting power of attorney (LPA) is a legal document that allows you to appoint one or more people (‘attorneys’) to assist you or to make decisions on your behalf, in the event that you become incapacitated through illness or accident.
There are 2 types of LPA:
- Health and Welfare
- Property and Financial affairs
Health and welfare lasting power of attorney
This LPA to give an attorney the power to make decisions on:
- your medical care
- moving into a care home
- life-sustaining treatment decisions
The LPA only comes into effect when you are unable to make your own decisions.
Property and financial affairs lasting power of attorney
This LPA can give your attorney the power to make decisions about money and property for you, including:
- managing a bank or building society account
- paying bills
- collecting benefits or a pension
- selling your home
Without an LPA, if you become incapacitated, your finances and assets could be handed over to an external deputy to manage, which can be difficult for the family and very expensive.
You can set up an LPA at any time, but it only comes into effect when you become incapacitated or lack mental capacity. The relevant circumstances and conditions can be tailored within your LPA.
An LPA will ensure that someone you know and trust will be in charge of your finances and assets, and leave you and your family with peace of mind.
Contact us on 0151 254 6980 if you would like to consider setting up an LPA.