If you lose the capacity to manage your own finances and make decisions about your welfare the situation can create significant difficulties for those closest to you.
What is an LPA?
An LPA appoints a person or persons, known as attorneys to act on your behalf if you are unable to do so yourself (even after you have lost mental capacity).
If you do not have an LPA in place and lose mental capacity, it would be necessary for someone to make an expensive and time-consuming application to the Court of Protection in order to act on your behalf. This person, known as a Deputy must act under the supervision of the Court of Protection.
Two types of LPA
Financial – This LPA appoints your attorney to deal with your financial affairs, for example to pay your bills, sell your property or investments and operate your bank accounts.
Health – This LPA appoints your attorney to make decisions about matters such as your medical treatment, your diet, your care and life sustaining treatment.
You can have either or both types of LPA.
Why use OGR Stock Denton?
Whilst it is possible to make your LPAs online, just like with the preparation of your Will, it is important to obtain the right advice so that your LPA is correctly drafted to suit your personal circumstances and achieves your objectives.
Failure to do so may necessitate the preparation of a fresh LPA which unfortunately we have had to do for a number of our clients. You want to ensure the LPA document you have in place works and can be relied upon at a time when you need to use it especially if at that stage, you lack the capacity to make a new LPA.
Here at OGR Stock Denton, we will use our legal expertise and combined years of experience in LPAs to advise you on the most appropriate form of LPA for your particular circumstances.
Here are some of the things to consider:
• Who will act as my attorney(s)? – should they be family members, friends or professional advisors?
• What if I have different requirements for my personal and business affairs
• Should my attorneys be appointed to act only together or independently of each other?
• Should they be authorised to act only when I have lost mental capacity or before?
• At what point should any replacement attorneys step in and how?
• What instructions or wishes should go into my LPA?
• How do I ensure that my LPA will be effective for the management of my investments?
• What about using my LPA for making gifts and/or Inheritance Tax planning?
• What issues are there in relation to life sustaining treatment?
If you would like further details about how we can help please contact a member of our Private Client team today.