Lasting Power of Attorney
A Lasting Power of Attorney is a legal document which allows you to appoint people you trust (your Attorneys) to manage your financial affairs or to make healthcare decisions on your behalf.
At some point in the future, an individual may suffer some form of physical or mental incapacity which prevents them from effectively managing their own affairs. This could be through an accident, illness, mobility difficulties or simply that they would rather have assistance or leave decisions to a trusted family member or friend.
There are two different types of personal Lasting Powers of Attorney (LPA) and Business Lasting Power of Attorney:
- Property and Affairs LPAs for decisions about finances, for example in relation to bank accounts, utility companies and property.
- Personal Welfare LPAs for decisions about welfare and health, such as where you live and what care and medical treatment you might receive. At present, only your next of kin can only be consulted when you are unconscious or mentally impaired. You may wish to have someone other than your next of kin making such decisions or have an Attorney assist with decisions whilst you still have the capacity.
- Business LPAS specifically to appoint someone to handle your business affairs if you were unable to do so. If a Director loses capacity, either temporarily or permanently, it is no longer possible to automatically remove them under Company legislation and banks will freeze the business bank accounts meaning expenses such as rent or salaries cannot be paid.
LPAs must be registered with the Office of the Public Guardian before they can be used and a suitably qualified person must also give a Certificate to confirm that you understand the LPA that you are creating.
At Clark Willis, we can prepare the LPA, act as Certificate provider and register the LPA on your behalf. We will explain the whole process to you and advise your nominated Attorneys as to their role. We offer a fixed fee service and your initial appointment with Clark Willis is free.
If you have an existing Enduring Power of Attorney then this will still be valid.
If someone has already lost the ability to manage their own affairs we can also assist and advise on Deputy applications to the Court of Protection. The person appointed by the Court may not be the person that you would have wished to handle your finances and welfare. The application costs and ongoing supervision and accounting requirements are also a significant expense. Clark Willis would always recommend you to create a Lasting Power of Attorney to avoid this.
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