What is Lasting
Power of A person appointed by another to act on his behalf and in his name.?
Commonly known as an “LPA”, a Lasting Power of Attorney arrangement deals with your wishes for your financial and property affairs or your health and welfare during your lifetime should you lose the capacity to make decisions for your yourself. It complements a will because it allows your loved ones or your business partners to ensure that your affairs and wellbeing are looked after whilst you are alive and need help.
Why does it matter?
If you lose mental capacity, you may become unable to make decisions, sign papers, pay bills, deal with your investments and so on. However, without an LPA, no one else will be able to either. An LPA authorises your chosen “attorneys” to take charge of the paperwork in accordance with your wishes and, crucially, in your best interests.
What happens if I don’t have an LPA?
Your loved ones and/or business partners will not be able to charge of your affairs without making an application to the An office of the High Court, with power to make decisions in relation to the property and affairs, health care and personal welfare of adults (and children in a few cases) who lack capacity. The court also has the power to make declarations about whether someone has capacity to make a particular decision. The court has the same powers, rights, privileges and authority in relation to mental capacity matters as the High Court.... More which can be a very drawn out process and cost a lot money. This may mean that decisions which affect you are left in limbo.
How does it work?
You can appoint anyone willing to act for you, whether it is a relative or close friend, as long as they are over 18 and solvent. It is obviously key that you choose someone you know well and trust to make decisions which are in your best interests.
We suggest that you select more than one attorney so that your attorneys can act together on your behalf and one or more of them can also take decisions and act separately for you. If one Attorney refuses or becomes for any reason unable to act, the LPA can still continue with the remaining Attorney(s). You can set out whether you want decisions taken jointly, place limits on expenditure and so on and we would recommend that you take professional advice here.
Once your LPA is complete, it is then registered with the Office of the Public This term has different meanings depending on the context in which it is used: " In the context of private client, an (adult) individual appointed to take parental responsibility for a child under the age of 18 years. "" For further details (including how guardians can be appointed), see Practice note, Appointing guardians in wills. In the context of family law, a person who has been appointed to care for a child where both parents or a person who holds parental responsibility by virtue of a child arrangements order or special guardianship order have died. This assignment of parental responsibility can happen through a parents will or by court order (section 5, Children Act 1989).... More and it will then be ready for if and when it is needed.