As the nights begin to draw in and another year moves to a rapidly to a close, we often start to think about what we have achieved during the year and whether have got round to completing those ‘round to it’ jobs that seem to perpetually appear on our ‘to do’ lists.
Over the year, the news has been dominated by reports of life expectancy continuing to rise and amazing developments and increased knowledge of medical conditions such as Alzheimer’s disease and so leads us to consider what happens if I cannot manage my affairs in the future?...and of therefore one of those ‘round to it jobs’ …..getting my Powers of Attorney in place.
A Lasting Power of Attorney is a legal document that allows you, the donor, to name Attorneys who can make decisions for you when you no longer have the capacity to do so. Attorneys can be family members, friends, loved ones, and even legal professionals, it is entirely up to you whom you want to appoint. It is important to choose individuals whom you trust and who you believe have your best interests at heart. In any event, Attorneys must act in the best interest of the donor.
There are two types of Lasting Powers of Attorney, one for financial affairs and one for health and welfare decisions. So, what is the difference between the two?
An LPA for Property and Finance allows your Attorneys to make numerous financial decisions, including but not limited to; managing your bank accounts, accessing your pension, paying household and care bills, and purchasing products you require. LPAs for Property and Finance can be used even if the donor still has mental capacity, as long as the donor gives permission.
Health and Welfare LPAs allow Attorneys to make decisions regarding day-to-day care, care provisions, where the donor should live, and whether to continue medical treatment, among other things. Unlike an LPA for Property and Finance, Health and Welfare LPAs can only be used once the donor has lost capacity.
An LPA can only be made if you are over 18 and have sufficient mental capacity. The LPA must also be signed by a certificate provider who believes you have the capacity to make the LPA and are not making it under undue influence or pressure. Finally, LPAs must be registered with the Office of the Public Guardian before they can be used.
Given the important role LPAs have in our planning for the future, let’s get ‘round to it’ and make the ‘to do’ list a ‘done’ list.
If you would like advice on creating Lasting Powers of Attorney, call our specialist team on 01484 821 500, text LAW to 67777 or email willsandprobate@ramsdens.co.uk