Lasting Powers of Attorney

Lasting Power of Attorneys were introduced as of the 1 October 2007 as a replacement for Enduring Powers of Attorney.  A Lasting Power of Attorney is a legal document that ensures someone you trust will handle your property affairs and/or personal welfare in the event of you becoming mentally incapacitated through a stroke, illness or an accident etc.

A Lasting Power of Attorney is very important to you as you may need someone to help you to make decisions and organise the special care that you may need.

Nobody knows what the future holds, a Lasting Power of Attorney is 'insurance' against any problems that may arise.

If it is never used, so much the better, however, once registered it can be used straight away.

This means that your nominated attorneys can, for example, look after your affairs whilst you go on holiday or it can be stored away and only put into effect in the event of a loss of your faculties.

There are two types of Lasting Power of Attorney, you can choose one or the other or you can have both if you prefer:

LASTING POWER OF ATTORNEY for Property and Affairs

These are similar powers to that of the old Enduring Power of Attorney system.

It allows your attorney to do anything on your behalf like operate bank accounts, make investments, sign tax returns, and purchase property for your main place of residence.

This power can be used before you lack mental capacity unless you restrict this power.

LASTING POWER OF ATTORNEY for Personal Welfare

This covers matters such as where you live and who should provide your care and medical treatment.
This power can only be used after you lack the capacity to make the decision for yourself.
This power does not extend to refusing life sustaining treatment unless your Lasting Power of Attorney expressly says so.

Why You Should Consider Making a LASTING POWER OF ATTORNEY Now!
 

Most people have heard of a Will, but few people have heard of a Lasting Power of Attorney. Most people aren’t aware why they should have one.

It’s a tragic fact of life, but people can become unable to manage their own affairs at any stage of life.
This may be due to an accident or the onset of a mental illness.
In such instances an attorney can help with the paying of bills and making financial decisions to help you if you have lost the capacity to do so.
We all hope that we don’t fall victim to such circumstances, but having a contingency plan in place should this occur to ourselves or to those we love is a sensible measure.

What Happens if I Don't Have a Lasting Power of Attorney?

Close friends and family (including your spouse/partner) do not automatically have the right to take over your affairs.

The Lasting Power of Attorney has been created to ensure that whilst you are of sound mind you can appoint someone you trust to look after your affairs if it becomes necessary and it also means you won't have to pay unnecessary expenses in the future.

Without an Lasting Power of Attorney it is necessary that someone is officially appointed to act on your behalf.  To do this an application is made to The Office of the Public Guardian/Court of Protection for a person to be appointed as your "Deputy".

The application process can take a very long time, during which bills cannot be paid and your affairs cannot be properly looked after. In addition the cost of making this application is very expensive, particularly when compared to the cost of making a Lasting Power of Attorney.

Once a Deputy has been appointed, he or she must send annual accounts to the Office of the Public Guardian/Court of Protection. Once again there is an annual fee payable.

Having a Lasting Power of Attorney in place could save you thousands of pounds over the years.