Lasting Powers of Attorney (LPAs) are important documents that protect you and your estate
Your will sets out what you want to happen to your estate after you die. Did you know you can also say what happens if you become too poorly to look after your financial affairs or your health and welfare whilst you are alive?
You can make your powers of attorney direct with the Government or with a professional advisor.
Lasting Power of Attorneys (LPAs) say who you would like to look after your health and wealth if you become unable to do this yourself. This can happen at some point in the future e.g. if you’re involved in an accident, if you’re poorly and on strong medication or if you suffer from a dementia related illness .
There are two types of LPA:
- Health and Welfare; and
- Property and Financial Affairs.
You can make one or the other, or both of these at the same time. To proceed you need to choose the person or people you would like to act on your behalf and discuss with them.
There are professional providers that charge to make a Power of Attorney and they can add value by providing extra options and ensuring successful registration. If you want to get professional assistance making a power of attorney please book a call.
We have found that if you can make a will online you can probably complete the process (including registration) for the Power of Attorney. Doing it this way can save you money. You will still need to pay the government registration fee though! If you want to make your LPAs direct you should go to the government’s website and follow the instructions.
If you have a will you still need a Power of Attorney and vice versa. A good way to think about it is: the Power of Attorney runs during your lifetime and expires upon death. A will has no power during your lifetime but is triggered by death.
Please note that your Attorney under a LPA cannot write or update your will. Only you can do that. If you are worried about illness or mental capacity issues please make sure you complete your will without delay either by making a will online or (if you are worried about mental capacity issues or a legal challenge) with a traditional solicitor. In either event you should make evidence of your mental capacity using Capacity Vault.