Estate planning
Lasting power of attorney
Whereas a will is used to make sure your wishes are carried out when you die, a Lasting Power of Attorney (Continuing Power of Attorney in Scotland) can be set up to make sure that your wishes are followed if you are still alive but lack capacity to make your own choices and decisions.
By doing this you are making sure that someone that you nominate will be acting in your best interests.
This can obviously only be done when someone has full capacity – if left too late then the next of kin will have to deal with the Court of Protection, which can be a very lengthy and very expensive process. The power of attorney can only be used when you are deemed unable to make decisions for yourself.
In England, there are two types of Power of Attorney, you can set one up or both:
A property and financial affairs lasting power of attorney lets someone manage all your financial affairs – for example, running your bank and savings accounts, managing your tax affairs, and buying and selling investments and property.
A health and welfare lasting power of attorney lets someone make decisions about your health, care and welfare – for example, what medical treatment you receive and whether you move into a care home.
It can be a longer process to set-up a Power of Attorney, so if this is something that you are considering, please don't wait and contact us today to discuss your requirements and see how we can help you.
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Q&A
Questions & answers
What types of lasting power of attorney are there?
There are two: property and financial affairs, and health and welfare. You can make one or both.
When should I make a lasting power of attorney?
While you have the mental capacity to do so. If you leave it too late, your family may have to apply to the Court of Protection, which is slower and more expensive.
Does it need to be registered?
Yes. A lasting power of attorney must be registered with the Office of the Public Guardian before it can be used, and registration can take several weeks or more, so it is best not to wait.
Will I lose control of my own affairs?
No. A health and welfare LPA can only be used if you lack capacity. A property and financial affairs LPA can be used with your permission while you still have capacity, if you choose.
Your first meeting is free
Talk to our estate planning team in St Albans. Call 01727 220053 or send us a message.