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Lasting Power of Attorney is when an individual decides to hand over control to a trusted person to make decisions regarding their health, welfare and assets if they lose their faculties. While we may not want to think about losing our mental capacity, it can provide reassurance that you and your assets will be looked after if it were to happen.
Read on to learn more about Lasting Power of Attorney and why it is crucial to appoint one.
What Is a Lasting Power of Attorney?
Lasting Power of Attorney (LPA) is the legal agreement regarding what should happen to you and your estate if you become unable to make your own decisions. The person making the LPA, known as the donor, gives authority to one or more people, known as Attorneys, to make decisions on their behalf if they become unable to do so.
In the LPA, the donor outlines their wishes if they can no longer make decisions independently. Attorneys selected may be family, friends or a solicitor. Choosing a reliable and trusted Attorney is critical because they will have the capacity to make important decisions.
There are two types of Lasting Power of Attorney:
Health & Welfare - The Attorney is capable of making health-related decisions on your behalf.
Financial - The Attorney manages your financial assets and can deal with your investments, sell property and access your bank accounts.
What Is the Difference Between a Will and a Lasting Power of Attorney?
A Will dictates what will happen to financial assets once a person passes away. However, Lasting Power of Attorney encompasses all life decisions, whether financial, medical or moral, if the individual were to lose their mental capacity. This helps ensure your wishes are respected if old age or an unexpected illness incapacitates you.
Why Do I Need an LPA?
If a person without an LPA loses the mental capacity to act on their own behalf, an application to the Court of Protection must be made to appoint a Deputy to take over their decisions. This process can be lengthy and costly for the Deputy. Preparing an LPA can take the pressure off the person taking over decisions by giving them authority and outlining the arrangements and decisions which matter to you.
Looking for Power of Attorney and Probate Solicitors?
At PJE Solicitors, we can assist you in life planning that will prepare you for the unexpected. Our solicitors can guide you through the process of drafting an LPA which highlights your wishes and nominates an Attorney to act on your behalf if you become unable to make your own decisions.
For more information about establishing Lasting Power of Attorney in Cardiff and Pontypridd, get in touch today.
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