A Lasting Power of Attorney (LPA) is a legal document which allows you to plan ahead and decide who you would like to manage your affairs if you are unable to do so due either to mental or physical incapacity. Whilst you are able to deal with your own affairs the LPA does not impact on this but is there should the need arise.
The person or persons you select to manage your affairs are known as your Attorneys. They may act together or independently but must always act in your best interest.
Before it can be used an LPA must be registered with the Office of the Public Guardian. Currently there is a registration fee of £110 for each LPA payable to the Office of the Public Guardian.
There are two types of LPA:
Property and Financial Affairs:
This gives your Attorneys the authority to pay your bills, manage your bank accounts, investments and deal with buying and/or selling property.
With your permission this type of lasting power of attorney can be used as soon as soon as it has been registered.
Health and Welfare
This may only be used if you are incapable of making decisions on your own behalf. It covers decisions about your health, care and even where you live.
These are both powerful documents but enable you to choose who you wish to deal with your affairs if you are unable to do so.