Lasting Power of Attorney
What would happen if, perhaps through accident, illness or old age, you lost capacity to deal with your affairs? In such an event, there's a gap where no one has the automatic legal right to handle your affairs on your behalf.
A Lasting Power of Attorney (LPA) is a means by which you can give someone authority over your property & financial affairs and/or health & welfare in the event of your incapacity. It is a legal document appointing a person or persons of your choice to be your attorney(s).
- There are two different types; Property & Affairs and Personal Welfare.
- As a safeguard, you can put legally binding restrictions and conditions on your Attorneys’ powers as well as limit the scope of their authority.
- Without a Lasting Power of Attorney, it’s the courts who would appoint someone to make decisions on your behalf – this may not be who you’d want plus it could be under chargeable Court supervision.
- If you have an existing Enduring Power of Attorney you an also set up a separate Lasting Power of Attorney to cover your Personal Welfare.
Whether you have some savings in a bank account or a huge business empire, everyone owns some form of assets. No one, not even your spouse, children or business partner, has the automatic right to deal with your assets if you lose mental capacity.
Don’t leave it until it’s too late!