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Power of Attorney
Power of Attorney is a legal document that allows you to appoint someone you trust to make decisions on your behalf and is called Lasting Power of Attorney (LPA). He or she will have the legal authority to handle your affairs, together with guidance and instructions on how they should act. There are two types of LPA's.
LPA Property & Financial Affairs gives your named attorneys the power to manage your finances, pay your bills, manage bank accounts and investments and deal with all property and assets in England & Wales. The document can be restricted so it can only be used if you were to lose mental capacity, or it can be used more widely, such as if you suffer from illness or have mobility issues.
Banks and building societies can decide whether or not to temporarily restrict the use of the account if the account holder loses mental capacity. This can have severe implications as the joint owner cannot freely withdraw what is their own money without an order from the Court of Protection.
LPA Health & Welfare gives your named attorneys the power to make decisions about your healthcare, your living arrangements and medical treatments if you lose the ability to make those decisions yourself. Unlike the Property and Financial Affairs LPA, this document will only ever become effective if you lack the mental capacity to make decisions for yourself.
Many people assume that their spouse, partner or children will just be able to take care of things in these circumstances. In order for someone to obtain legal authority over your affairs, that person would need to apply to the Court of Protection, which is a time consuming & expensive process.
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