A Will deals with your assets after death but a Lasting Power of Attorney (LPA) deals with your affairs whilst you are still alive.
It can be very difficult to deal with another person’s affairs nowadays. There are rules on client confidentiality and data protection, and everyone is treated as an individual (even married couples). This means that it is very important to put something in place in case you are no longer able to manage your affairs.
A Lasting Power of Attorney is a document whereby you (the donor) appoint people (attorneys) you know and trust, to look after your affairs if it becomes necessary. There are two types of Lasting Power of Attorney – one for your Property and Financial Affairs, and one for your Health and Welfare.
These documents have to be registered with the Office of the Public Guardian before they can be used. This process can take several months, so it is important to start the process as soon as possible. There is a registration fee of £82 per document payable to the Office of the Public Guardian.
Lasting Power of Attorney for Property and Financial Affairs
Making this type of Lasting Power of Attorney allows you to appoint attorneys to look after your money, finances and property. Your attorneys would be able to:
- manage your bank and building society accounts
- pay your bills
- buy or sell property for you
- deal with your investments
- claim benefits that you may be entitled to
- look after your business
Lasting Power of Attorney for Health and Welfare
This type of Lasting Power of Attorney allows you to appoint attorneys to make personal decisions on your behalf, but only when you no longer have the mental capacity to do so yourself. This could include:
- where you live
- choosing an appropriate care home
- getting help for you to stay in your own home
- personal care
- medical treatments
- decisions regarding life-sustaining treatment (only if you chose this option)
At your LPA appointment with Local Wills Derby, all of this will be explained in detail to help you choose appropriate attorneys. All of the paperwork will be done for you, including registering the documents with the Office of the Public Guardian. We will also check if you are entitled to any reduced registration fee and make that claim on your behalf.
