Lasting Power of Attorney LPA | Philips Trust Corporation

Lasting Power of Attorney

There may come a time in your life when you will no longer be able to make your own decisions as a result of mental incapacity, illness or accident. It is not easy to discuss and consider times like this but it is important to prepare should that time ever arrive. You can appoint people you trust to manage your financial and personal welfare on your behalf if worst were to happen, making impactful contribution to your future and providing real peace of mind for your loved ones.

A Lasting Power of Attorney, or LPA for short, is a legal document which gives people you name (your “Attorneys”) the power to help manage your affairs and make decisions on your behalf. If you don’t have an LPA and you can no longer make your own decisions, your family and friends will have no legal authority to act for you.

This could make you vulnerable and leave your loved ones in a difficult position. It is therefore never too early to consider having an LPA prepared.

Remember

Without an LPA your family and friends will not be able to deal with your financial and personal welfare affairs.

Your spouse will not be able to deal with your bank account and even joint bank account
Your family will not be able to make decisions about your healthcare
Your family and friends will have no say over your business affairs, investments and property

A Court order could be obtained for a loved ones to manage your affairs, this is known as being a deputy of the court. This process is lengthy, expensive and can be stressful.

Types of Lasting Power of Attorney

There are two types of Lasting Powers of Attorney. One deals with your property and finances, and the other deals with your health and welfare. You can decide to have Power of Attorney for either both or just one type of affairs. We typically recommend every person has both types of LPA prepared.

Property and Financial Affairs LPA	Health and Welfare LPA
Amongst other things, a Property and Financial Affairs LPA would give your Attorneys the power to:	Amongst other things, a Health and Welfare LPA would give your Attorneys the power to:
Manage your bank accounts Pay for your household bills Arrange repairs to your property Pay for your mortgage Sell or buy a house Manage your investments	Decide where you should live Organise the type of care needed Consent to or refuse medical treatment on your behalf Decide which care home administers your ongoing care
Without a Property and Financial Affairs LPA you and your family might lose access to your finances at times when this might be needed the most.	Without a Health and Welfare LPA you and your family might lose a say on your day to day care arrangements and wellbeing.

Property and Financial Affairs LPA

Health and Welfare LPA

Amongst other things, a Property and Financial Affairs LPA would give your Attorneys the power to:

Amongst other things, a Health and Welfare LPA would give your Attorneys the power to:

Manage your bank accounts
Pay for your household bills
Arrange repairs to your property
Pay for your mortgage
Sell or buy a house
Manage your investments

Decide where you should live
Organise the type of care needed
Consent to or refuse medical treatment on your behalf
Decide which care home administers your ongoing care

Without a Property and Financial Affairs LPA you and your family might lose access to your finances at times when this might be needed the most.

Without a Health and Welfare LPA you and your family might lose a say on your day to day care arrangements and wellbeing.

Choosing your Attorney

A person you appoint to act as your Attorney should be a person you trust as this involves great level of responsibility. Professional solicitor, family member or a friend you trust could act as an Attorney. You can appoint more than one person specifying whether you would like your Attorneys to act together on all matters.

Remember: Your Attorneys are required by law to act in your best interests and must follow strict principles that are outlined in every LPA.

Registering a Lasting Power of Attorney

Whilst an LPA does not strictly need registering until it is needed, it is preferable to register as soon as it has been signed. This completes the process and ensures your LPA is ready to be used without the delay.

What to think about when making a Lasting Power of Attorney?

Please remember Lasting Power of Attorney documents cannot be prepared once capacity is lost so it is never too early to prepare one. Once you have provided your instructions your LPA has to be signed by certificate provider – a person who will have to sign a section of your LPA to confirm that, in their view, you understand what you are doing and you are not being forced into making it. That person can be a professional (like your GP, solicitor or even one of our trained consultants) or a friend who has known you well for more than two years. To complete the process your LPA has to be registered with the Office of the Public Guardian. Once this has been done you can store your LPA safely and securely ensuring your affairs are in safe hands if the worse were to happen.

Prepare

Consider what type of LPA is suitable for you, and who you would like to appoint to act as your Attorney.

Register

Once an LPA has been signed your Attorneys cannot act for you until it has been registered with the Office of the Public Guardian.

Store Safely

Once your LPA has been prepared, signed and registered you can store it safely whilst you have the required mental capacity.

Can you make your own LPA?

Though it is possible to make one yourself, LPAs can be complicated and there are many pitfalls, so we always recommend seeking advice from a professional who specialises in their preparation.

Do you want to find out more about preparing an LPA for yourself?
Do you have an LPA that needs to be registered?
Do you need a safe and secure storage facility for your LPA?

Speak to our expert team today for more information.

Lasting Power of Attorney