The future is full of uncertainties that none of us can predict. Whether you wave goodbye to Britain for sunnier climes over the cold winter months, or are unfortunate to fall victim to a debilitating accident, you might one day require someone trustworthy to execute your affairs. This is where a Lasting Power of Attorney (LPA) can give you real peace of mind that your personal welfare, finances or property are in safe hands.
What does Lasting Power of Attorney mean?
Power of Attorney explained
An LPA is a legal document that allows you to choose a trusted confidante, known as the Attorney, to make important decisions on your behalf. An LPA can be made at any time, by anyone aged 18 or over with the mental capacity to do so, but can only be used after being registered with the Office of the Public Guardian (OPG).
Different types of LPA
A Personal Welfare LPA gives your Attorney power to make daily decisions on your behalf regarding your personal welfare. This can include matters like where you live, your diet, and what medical treatment you receive. This type of LPA is only used when you are deemed to lack mental capacity.
Property and Affairs
A Property and Affairs LPA gives your Attorney license to make decisions about your property and finances. These can range from accessing your bank accounts, to selling your property or managing your finances. You can decide whether these powers come into effect immediately or only in situations when you lack capacity.
How can Acumen help?
Nobody has the automatic right to make decisions on your behalf – not even your spouse or parents. Should you lose mental capacity your loved ones would be forced to apply for a costly and time consuming Deputyship Order from the courts to make decisions on your behalf.
Although not strictly part of the estate planning process, arranging LPAs can be valuable to your beneficiaries because they allow your affairs to be handled efficiently later on in life. Whilst the legalities of a LPA would be drafted by your solicitor, we can offer power of attorney guidance to provide the framework that ensures your financial wishes are met.
In the event that your Attorney requires financial advice to secure your independence with care in your own home, Acumen can also offer guidance in tandem with our partners, Home Instead Senior Care.
Benefits of using Acumen
- Management of all your financial plans and advice.
- Continuity with financial and estate planning.
- Ensuring the right person manages your estate.
- Independent support through the whole process.
Every year thousands of people become incapable of managing their finances due to illness or injury. A power of attorney is the authority to act for another person in legal matters and, with a lasting power of attorney (LPA), you can appoint people to make decisions on your behalf, in case you lose the capacity to decide for yourself.