Lasting Power of Attorney
Lasting Power of Attorney gives you (the donor) the choice of who makes decisions about your life if you are unable to (the attorney). Having a Lasting Power of Attorney in place allows you to appoint an individual to look after your affairs for you if you no longer can.
Most people have some sort of arrangement in place such as a will or a funeral plan, but you also need to make plans for the unexpected. An LPA will ease the burden on your loved ones should you become incapacitated in the future.
There are two types of LPA – Property & Finance and Health & Welfare:
- Property & Finance: Allows the attorney to make decisions about paying bills, dealing with banks and investments, arranging and collecting benefits and selling property on behalf of the donor.
- Health & Welfare: Allows the attorney to make decisions for the donor such as care issues, the donors routine, giving or refusing consent to life-sustaining treatment.
If you don’t have an LPA in place, you may, as a result of old age, stroke, accident or illness become incapacitated. With no LPA in place the only way your financial affairs can be managed is via the Court of Protection, which can take a lot of time.
The importance of a Lasting Power of Attorney
You may have had discussions with your loved ones about your wishes should the unthinkable happen regarding life-sustaining treatment. Without an LPA in place those wishes may be disregarded and a doctor may decide on your behalf.
With no LPA in place, the Court of Protection will decide who looks after your affairs. This is probably not the person you would have chosen, and you lose all control. A deputyship order can take a long time to obtain, between 3 to 10 months depending on the complexity of the case. It is not uncommon for solicitor and admin fees to add up during this period, leaving your family with an unwanted bill at the end of a difficult process.