subject: Why You Really Need A Part Lasting Power Of Attorney [print this page] If in later life you lose the ability to manage your own affairs then the law provides for a device called a Lasting Power of Attorney (LPA). This legal document enables another person to take control over your decisions for you.
A Lasting Power of Attorney enables you to plan in advance how your affairs will be looked after, who will make decisions on your behalf and how they make them. It can be used at any time, providing you with peace of mind in the knowledge that a trusted person has the legal authority to manage your property, financial, health and welfare affairs.
The LPA itself was actually introduced way back on 1st October 2007 - effectively as a replacement for the earlier type of power of attorney - the Enduring Power of Attorney which was commonly referred to as an EPA. The EPA, which was a far similar document than the LPA, can no longer be created. Fortunately, any EPA created prior to 1st October 2007 continues to be effective.
If you lose mental capacity without having put an LPA in place, the only option available is for a trusted person to apply to the Court of Protection for a Deputyship Order enabling them to manage your affairs. This is a lengthy and more costly procedure, for which you would be well advised to appoint specialist court of protection solicitors -and it will most likely take three months or longer to obtain a Deputyship Order, even if that Order is straightforward.
There are two types of LPA:
(a) Health and Welfare which allows you to choose one or more people to make decisions for things such as medical treatment and can only be used if you lack the ability to make decisions for yourself.
(b) Property and Financial Affairs which allows you to choose one or more people to make these decisions for you, such as paying bills or selling your home. You can appoint somebody as an Attorney at any time but also include a clause stating that they can only make decisions once you lose the ability to do so yourself.
Both types of LPA must be registered at the Office of the Public Guardian (OPG) before they can be used by your Attorney, a process which takes approximately five to six weeks on average.
You are strongly advised to seek professional advice from a solicitor before making an LPA, particularly if you have complicated personal, property or financial affairs. Although it can be registered at any time, we recommend to our clients that this be done as soon as it is made. For more information about how a Lasting Powers of Attorney can provide you, your family and your business with a significant degree of protection, contact solicitors specialising in LPAs.
