A Lasting Power of Attorney - What Is It?

Author: Tim Bishop

Author: Tim Bishop

The loss of the breadwinner of a family can be devastating. However, there are things you can do to reduce any problems your family might face. You might already have made a will - it's always sensible to ensure that you have a valid and up-to-date will. Many people just leave it at that, assuming that their will will give their family all the protection necessary.But what would happen if you were involved in an accident, or became a victim of a disease which does not result in your death but in the loss of your ability to manage your affairs? You could leave your family with considerable practical and financial problems at a time when they are also facing emotional difficulties and struggling to cope.All this can be avoided if you instruct a solicitor to prepare a Lasting Power of Attorney (known as an LPA) whilst you are still in good health and of sound mind. Nowadays an LPA can be just as important as a will.What making a lasting power of attorney involves?1. An LPA is more complex than the more basic Enduring Power Of Attorney which it replaced on October 1, 2007. Existing Enduring Powers Of Attorney (i.e. those prepared before October 1, 2007) will continue to be effective.2. You have complete freedom in your choice of attorney although they must be aged over 18 and be neither bankrupt or mentally incapable.3. You can give an attorney power to look after just your money and property or you can choose to give the attorney the power to make decisions about non-financial matters such as where you live or what medical treatment you have.4. You must sign your LPA whilst you are healthy and mentally capable - it may come into effect before, as well as after, you are unable to manage your own affairs.5. In the LPA you can give instructions to your attorney about issues that you would like to be taken into account when your attorney has to make decisions for you.6. LPAs replace Enduring Power of Attorneys and are considerably more complex. An LPA must be registered before an attorney can act for you and anyone agreeing to act as an attorney under an LPA should be aware that they take on significant responsibilities under the Mental Capacity Act 2005.If you are thinking of making a Lasting Power Of Attorney, make sure you take advice from a solicitor experienced in their preparation.
About the Author:

Tim Bishop is senior partner at Bonallack & Bishop, a firm of Warminster, Andover and Salisbury Solicitors who have vast experience in drawing up Lasting Power of Attorneys. Tim has spearheaded the firm's growth, expanding it by 1000% in the last 12 years. He is in charge of all major decisions and sees himself as an entrepreneur and businessman rather than a lawyer.

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