Lasting powers of attorney (LPAs) allow you to appoint people to act on your behalf in case you cannot manage certain decisions and responsibilities in your lifetime, usually because of an accident, illness or old age. They are just as important as Wills and relevant to all adults.
Putting an LPA in place is one of the most helpful things you can do to protect your spouses, partners and children, hopefully saving them worry, cost and delay.
Many people combine successful businesses and careers with active social lives, taking skiing and sailing holidays, cycling to keep fit and generally enjoying their hard earned leisure time. The problem is that accidents and illnesses don’t give us polite notice before they happen. They can leave a person, whatever their age, suddenly incapable and with their business partners, colleagues and families left to work out what to do. A lasting power of attorney should ensure that the right people step in at a time of crisis so that the business and family life can keep going.
There are two types of lasting power of attorney
- property and financial affairs, this allows the people you choose (attorneys) to manage your finances for you if you are mentally or physically incapacitated and to pay for your care
- health and welfare, this allows the people you choose (attorneys) to make decisions about your health and welfare but only if/when you do not have mental capacity.
Lasting powers of attorney must be registered with the Office of the Public Guardian before they can be used.
