Lasting Powers of Attorney (LPA)
Lasting Powers of Attorney: Your Assurance for the Future
As Mercian Accountants, we understand the importance of planning for the future, especially regarding legal matters like Lasting Powers of Attorney (LPA). An LPA is an essential legal document that enables you to appoint a trusted person or persons to manage your affairs if you become unable to do so. Unlike a Will, an LPA ensures that your future decisions, personal or financial, are handled in a way that aligns with your wishes.
Making Your Lasting Powers of Attorney
We offer expert guidance in creating your Lasting Power of Attorney. You can choose one or more individuals, or even a professional, as your ‘attorney’ – someone who will step in to make decisions on your behalf. We assist you in determining when your attorney should commence their duties and manage the registration of your LPA. This makes the process straightforward and stress-free. The Office of the Public Guardian (OPG) must complete the registration before the LPA is activated.
Two Lasting Powers of Attorney
There are two main types of LPA, we recommend both, but you can opt for either or both, depending on your needs:
- Health and Welfare LPA: This type allows your attorney to make critical decisions about your healthcare and day-to-day welfare, but only when you cannot make these decisions yourself.
- Property and Financial Affairs LPA: This LPA covers decisions relating to your property, finances, and assets, including managing bills, collecting pensions or benefits, and potentially selling your property if required.
The Role and Responsibilities of an Attorney
Your chosen attorney must follow the principles outlined in the Mental Capacity Act, ensuring all decisions are made in your best interests and reflect your past and current wishes. They must avoid personal gain from their position and must keep your financial matters separate from their own. You can specify whether your attorneys should act jointly (making decisions together) or jointly and severally (together or individually).
Without an LPA
In the absence of an LPA, should you lose the capacity to manage your affairs:
- The courts may appoint someone to oversee your financial matters.
- Healthcare professionals might make decisions that override those of your loved ones.
- Your family could face legal hurdles to take action on your behalf.
- Access to jointly held bank accounts could be restricted.
Individuals can apply to the Court of Protection to become a ‘Deputy’, which involves submitting annual reports detailing the decisions made.
Plan for Tomorrow, Today
Establishing a Lasting Power of Attorney now can save your family undue stress and complexity in the future. Reach out to Mercian Accountants to discuss how we can assist you in setting up your LPA, ensure your peace of mind, and secure your future decisions.