Lasting Power of Attorney
In Wales and England there are two types of LPA:
A property and financial affairs lasting power of attorney lets someone manage all your financial affairs – for example, running your bank and savings accounts, managing your tax affairs, and buying and selling investments and property.
A health and welfare lasting power of attorney lets someone make decisions about your health, care and welfare – for example, what medical treatment you receive and whether you move into a care home.
You can set up one or both.
Choosing your attorney
Your attorney should be someone you really trust. For most people, that’s their husband, wife, partner, another family member or a close friend.
You might want to choose more than one attorney. If you do, you can say whether they need to make decisions jointly (a good idea if you want two opinions on your finances) or whether each can decide things without the other (good for spreading the load).
You should also choose at least one replacement attorney who would take over if your attorney died or could no longer act for you.
If you are older and the people you choose are all the same age as you too, they might not end up being the best people to act for you if you need their help.
Is an LPA safe?
Creating a Lasting Power of Attorney now does not mean that you can no longer manage your affairs. It is a safeguard against the future. Restrictions can be placed in the document stating the circumstances under which it can be used, giving you the peace of mind that management of your affairs will not be taken from you unnecessarily.
Don’t worry if you have no one suitable to act as your Attorney, because you are able to appoint one of our experienced solicitors as your Attorney.
We have an experienced team here who would be happy to discuss with you, in plain language, the implications of making a Lasting Power of Attorney.