There may come a time in your life when you are unable to manage your financial affairs or personal welfare, owing to some form of incapacity, and you will need someone to act on your behalf.
Even when we are young, we may find ourselves incapacitated owing to illness or injury and it can be invaluable having someone reliable and able to manage our personal affairs and remove the anxiety of having unpaid bills at a time when we most need peace of mind. Similarly, as we get older, the need for an attorney increases as we are more prone to illness and injuries.
Having a Power of Attorney in advance ensures that if the worst were to happen, you can be assured that both your financial affairs and personal welfare are in safe hands.
At Finawis Advisors, our professional team provides you with a professional yet personal service to make your LPAs. We deal with the Office of the Public Guardian to give you peace of mind.
What is LPA?
Lasting Power of Attorney are powerful legal documents which allows you (the Donor) to appoint one or more persons (the Attorneys) to help you make decisions, or to make decisions for you. These decisions can be paying bills, dealing with banks and investments or even selling a property on your behalf.
Having an LPA gives you more control over what happens to you in case of an accident or illness or lack of mental capacity to manage your affairs.
Why LPA?
Setting up an LPA allows you to plan in advance:
- to choose the people you want to make decisions for you
- how the decisions are made, like jointly.
- the decisions you want to make on your behalf like life sustaining treatments.
Once you have made up your mind to make your LPAs, we register these documents immediately with the Office of the Public Guardian. An LPA can only be used after it is registered with the OPG.
Who can make an LPA?
You must be 18 or over and must have the mental capacity when you make LPA.
You do not need to be living in UK or be a British Citizen.
You can cancel your LPA if you no longer need it or want to make a new one.
Who can act as an Attorney?
Anyone aged 18 or over and who has the mantal capacity and who is not bankrupt, when they sign, can be appointed as Attorney.
You can have one or more Attorneys. You should appoint someone you trust such as a relative, or a professional. Most professional Attorneys will only act for LPA Property & Financial affairs.
Types of LPA
There are two types of LPAs:
- Health and Welfare
As the name suggests, this LPA allows the Attorneys to make decision related to your health. These can be anything like dressing or eating or medical care or moving to a care home or life-sustaining treatment.
- Property and Financial affairs
This LPA allows the Attorneys to pay bills, manage bank accounts or investments, collect benefits like pension or even sell your home.
You can choose to make one or both. It can be used as soon as it is registered with the Office of the Public Guardian.
To discuss the LPAs more, please contact us.
FAQs - Lasting Power of Attorney
- What happens if you were to become incapacitated and do not have an LPA?
If you were to become mentally incapacitated due to an illness or an accident, then without an LPA in place, the ONLY way your financial affairs can be managed is by an application being made to the court of Protection for a Deputyship Order.
The applicant must provide personal information about themselves, their family, their own finances, and the relationship with the person they wish to help care for.
This process costs a considerable amount of money and can take anything between 12 weeks and 10 months, by which time your finances could be seriously hampered. Even worse, the Judge will make the final decision as to who is appointed as your attorneys, and it may be possible they are not the person you had wished to manage your affairs.
The court may appoint a Panel Deputy (a retired Solicitor or Barrister who works for the Office of the Public Guardian) or a local authority.
- How would you choose your Attorneys?
While choosing your attorneys, you should consider how your attorneys will act. There are three options:
- Jointly
This allows your Attorneys to make all decisions together. If one of your Attorneys disagrees, that decision can not be made on your behalf.
- Jointly & Severally
This means your Attorneys can make all decisions either together or independently.
- Jointly for some decisions and jointly & severally for others
This option means that your Attorneys can make some decisions independently, but for others they must all be in agreement.
- How do I store LPAs safely?
Powers of Attorney are powerful documents. We strongly advise that once the Powers have been signed and registered, you do not keep these legal documents in the home environment, for the following reasons:
- Storing your documents will ensure that these Powers are NEVER used without your express knowledge and consent, while you have capacity.
- Prevent your documents from being accidentally damaged or destroyed.
- Ensure that your documents are never lost or stolen.
You can take advantage of our Secure Storage Facility for a small annual fee. You can access your documents free of charge at any time, upon written request.
