A lasting power of attorney (LPA) is a legal document in which you appoint someone you know and trust to make decisions on your behalf. There are two separate types of LPA; one to manage your health and welfare and another to deal with your financial affairs and any property which you own.

A Health and Welfare LPA may only be used in the event that you (known as the ‘Donor’) have lost mental capacity to make your own decisions. A Property and Financial Affairs LPA can be used either at your request or in the event that you have lost mental and/or physical capacity.

To safeguard you, the Donor, it is necessary for an independent person to witness the signatures upon the relevant sections of the LPA and also for someone to certify that you fully understand the implications of making the LPA. It is strongly recommended that legal advice is taken before completing or registering these documents.

Lasting powers of attorney are registered with the Office of the Public Guardian (OPG) who keep full details of who is appointed to manage the affairs of another and can provide advice and guidance to the attorneys if required. There are now over one million LPAs registered with the OPG and this number is rapidly increasing.

If there is no LPA in place and you lose mental capacity, then an application must be made to the Court of Protection for the court to appoint someone to act on your behalf in respect of financial matters. Such an application can take up to six months to complete and is very expensive. Annual accounts and fees must also be paid to the court who oversee the person managing the affairs of another. This can put your loved ones under extra stress and pressure at a very difficult time in their and your lives. To avoid this, it is recommended that you complete a LPA as soon as possible.

Having a LPA is just as important as having a will. In some cases it may be even more important. A LPA will give you peace of mind in knowing that, if you ever become incapable or vulnerable, your affairs can be managed by someone you yourself have chosen and in whom you trust.

If you would like any more advice regarding Wills and LPA’s, you can contact our Liverpool and Wirral experts. Please click here for a call back or message us your enquiry.