Power of Attorney
Nobody knows what the future holds and situations can arise, such as failing health or an unexpected accident where you are no longer able to take care of your own affairs.
A Lasting Power of Attorney (LPA) is a legal document that enables you to appoint one or more persons of your choice to handle your financial affairs and property, either now or in the future. You can also set up a separate LPA which appoints someone to deal with your welfare and personal affairs (ie where you live, the care you receive) and even to make decisions about the medical treatment that you receive should you lose your mental capacity.
LPAs for financial affairs and property replaced Enduring Powers of Attorney (EPA) as from 1st October 2007. However an EPA set up prior to this date will still be valid provided it was properly executed.
Unless you have prepared an LPA and formally nominated someone to manage your affairs, organisations will not allow an individual other than you to deal with them. Therefore, without an LPA in place, your assets can go into limbo as no one would be authorised to access them and this can, of course, create difficulties where there are bills to be paid. Similarly, if you lose your mental capacity, you may wish to nominate somebody to make decisions in relation to your welfare and/or health care to ensure your needs are properly looked after.
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