Lasting power of attorney (LPA) is a legal tool that gives another adult the legal authority to make certain decisions for someone if they become unable to make them themselves. The person who is given an LPA is known as an ‘attorney’. They can manage finances, or make decisions relating to a person's health and welfare.
There are two types of LPA; one for health and one for financial affairs. You can choose whether you want one or both of them, but it is advisable to use the same LPA for both health and financial affairs. The financial LPA will assist in managing bank accounts, paying bills, and collecting benefits.
A health LPA allows someone to make decisions about medical care. Both must be registered with the Office of the Public Guardian (OPG) before they can act on behalf of their clients.
An LPA can only be used after it is registered. These two documents work slightly differently and cover the two different areas pertaining to our life are listed below as follows:
Setting up an LPA is a straightforward process. You can do it yourself online for £82 or call the number 0300 456 0300. It is important to read the guidance to ensure everything is filled in properly. But if your affairs are complicated you may want to use a solicitor. In that case, you can expect to spend around £500-£700 for one, or £1,000 for two.
The LPA documents need to be:
Many people have never heard of LPAs or don’t understand just how important these documents are and what the consequences can be, if you don't have these documents in place. It would greatly help the people you might leave behind if you have an LPA in place. Appoint someone today, get a legal and registered authority to act on your behalf. Get a quote!