Introduction to
Lasting Power of Attorney
A Lasting Power of Attorney (LPA) is another key part of basic financial planning. If you find yourself in a situation where you have lost capacity to act for yourself, they can be invaluable.
The alternative to having an LPA in place may involve applying to the Court of Protection for a deputyship, which can be a lengthy and costly process and may mean you have less control over who makes decisions on your behalf.
Health and Welfare
This LPA comes in to force if you are unable to make your own decisions. Your nominated attorney(s) are then able to be involved in important decisions, act on your wishes and in your best interest in the following:
Property and Financial Affairs
This LPA gives your nominated attorney(s) the power to make decisions about your finances and property, such as managing your bank accounts, paying your bills, selling your home or collecting benefits or pension.
This LPA can be used as soon as it is registered, with your permission.
So if you are in hospital for an extended period of time, out of the country or you lose mental capacity this LPA will be invaluable.
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