A Lasting Power of Attorney is a legally binding document that gives another person (who you trust and who is chosen by you) the legal right to look after your finances or health and welfare should you be unable to make those decisions yourself.
For example if you are no longer mentally capable, or were involved in an accident, recovering from an illness and you wee deemed not to have the mental capacity to make these decisions.
There are two types of LASTING POWER OF ATTORNEY:
Property and Affairs
A Property and Affairs Lasting Power of Attorney (LPA) allows you to plan ahead by choosing an individual or several representatives you trust or a professional such as a Trust Corporation (your attorney) to make decisions and take appropriate actions on your behalf regarding your property and financial affairs. This might include dealing with buying and selling your property, your bills, bank accounts and investments. This can be used while someone is still capable but has chosen to delegate that decision making authority to their attorney. For example, it may be easier for you to give someone the power to carry out tasks such as paying your bills or collecting your benefits or other income.
This could be for many reasons. You might find it difficult to get about or be housebound or may find talking on the telephone difficult, or you might be working or living abroad for long periods of time. You can decide what power and the extent of the power to give your attorney(s) when making decisions about any or all of your property matters and affairs.
This type of LPA does not allow the person(s) you have chosen (your attorney) to make decisions about your personal welfare such as medical treatments, decisions on prolonging life etc. If you want someone to be able to make personal welfare decisions on your behalf you will need to make a personal welfare LPA.
A Personal Welfare Lasting Power of Attorney (LPA) allows you to plan ahead with regard to your personal healthcare and welfare by choosing one or more representatives to make decisions on your behalf.
These personal welfare decisions can only be implemented when you lack the ability to make decisions regarding your treatment or other personal matters for yourself, if for example you are unconscious or because of the onset of conditions such as dementia.
When dictating who you would appoint to represent you in these matters, you are always in control. You can choose whether this person or persons make all or some of the decisions in this capacity. The LPA can only come into effect once it is registered and when required in instances such as: giving or refusing consent to particular types of health care, including medical treatment decisions or whether you continue to live in your own home, perhaps with help and support from social services, or whether residential care would be more appropriate for you.
You may wish your attorney(s) to have the power to make decisions about ‘life-sustaining treatment’. If you do then this authority needs to be accurately and expressively confirmed. You can also give your attorney(s) the power to make decisions about day-to-day aspects of your personal welfare, such as your diet, your dress, or your daily routine. It is up to you which of these decisions you want to allow your attorney to make and you can discuss these face to face with Leap Finance’s team of Will specialists.
Our advisers take the time to get to know your specific situation and make recommendations that are tailored to your own personal circumstances. Ultimately, these decisions cannot be made by us but we can ease the process by completing all the necessary paperwork and guiding you with the right information every step of the way.