A Lasting Power of Attorney (LPA) is a legal tool that enables you to grant another person (known as the ‘Attorney’) legal authority to manage your affairs if you are unable to do so.
Having an LPA in place is an essential precaution. It is important to understand if you were ever unable to deal with your own affairs, nobody has an automatic authority to make decisions on your behalf. It is not even possible for your spouse or your children to step into the breach if there is no LPA.
You can only set up an LPA when you have mental capacity. Once capacity is lost it is too late! In those circumstances an application for a Court of Protection Order would need to be made. This can be a long, complex and expensive process.
Don’t think if you make an LPA now you suddenly give up control immediately. You choose when your attorney can deal with your finances and under what circumstances. Making an LPA is one aspect of putting your affairs in order to protect you and your family.
At TMJ we offer a free initial appointment to discuss LPA’s and advise on what would be appropriate in your circumstances. We carry out this work on a fixed fee basis.
There are two types of LPA, Property and Financial Affairs LPA and Health and Welfare LPA. Each type covers different decisions and separate forms have to be completed for each (see icons below).