What is Power of Attorney?
Power of Attorney is a legal document where you give others the right to make financial and medical decisions on your behalf, should you become unable to do so in the future. Therefore, it is something that you should consider when you are making your Will.
You can only set up a Power of Attorney while you still have the ability to weigh up information and make decisions for yourself, so it’s worth putting a plan in place early on. Get in touch today and let us help you through this process to ensure you get it right.
Lasting Power of Attorney (LPA)
This is the most common form of Power of Attorney and it should be as natural as making a Will. It is an ongoing arrangement which allows another person to make decisions on your behalf. There are two types of Lasting Power of Attorney:
Property and Financial Affairs LPA
This gives your attorney the power to make financial decisions on your behalf. This includes your money and property, managing bank or building society accounts, paying bills, collecting a pension or benefits and, if necessary, selling your home.
Health and Welfare LPA
This gives your attorney the power to make decisions about medical issues. This includes your daily routine (washing, dressing, eating), medical care, moving into a care home and life-sustaining medical treatment. It can only be used if you are unable to make your own decisions.