People are now living longer, but unfortunately the process of growing old can sometimes result in a loss of physical and mental capacity. A Lasting Power of Attorney can be set up when this happens, so that somebody else can make decisions concerning a person’s affairs.
Appointing an Attorney under a Lasting Power of Attorney helps you prepare for this eventuality and of course, it is a great advantage for you to be able to choose someone you can trust to make such important decisions on your behalf.
Lasting Powers of Attorney (also known as LPAs) can be of two types:-
Property and Financial LPAs
A Property and Financial LPA gives power to an Attorney (or more than one Attorney if desired) to manage financial affairs, pay bills and sell assets, and can come into force whenever the person making the LPA wishes.
Health and Welfare LPAs
This gives the Attorney the power to make decisions over a person’s health and welfare, including for example, decisions concerning medication, whether to move that person into a Care Home, and even whether to continue with life-sustaining treatment.
If no LPA has been made by someone who becomes incapacitated, then an application can be made to the Court of Protection to become a Deputy, and the Deputy, once appointed, can look after the financial affairs of the incapacitated person.
However, it is significantly more expensive, and a longer process to apply for a Deputyship, and it is much more preferable for a person to make a Lasting Power of Attorney.
Warrens can assist you either in the preparation of a Lasting Power of Attorney, or in an application for a Deputyship.