With an increasingly elderly population, who are living longer than ever before, it makes sense for everyone to plan for their future with a Lasting Power of Attorney. Ann Farnill, Head of Wills, Trust and Probate at Tallents Solicitors explains the different options available to everyone.
A Lasting Power of Attorney (LPA) will allow you to appoint someone you trust to make key decisions by way of a Health and Welfare LPA and a Property and Financial Affairs LPA. You can decide to make either, or both LPAs, to give you peace of mind.
So what are the key differences between the LPAs?
Health and Welfare Lasting Power of Attorney
You choose one person, or more, to make welfare and medical treatment decisions on your behalf about things like:
- – Routine day-to-day tasks (e.g. what to wear and eat)
- – Medical care and life-sustaining treatment
- – Moving into a care home
The key distinction with this LPA is that it can only be used when it is registered with the Office of the Public Guardian (OPG) and you lose mental capacity, or the ability to make or communicate your own decisions.
Property and Financial Affairs Lasting Power of Attorney
This replaced Enduring Power of Attorneys (EPAs) from October 2007. An existing EPA is still valid, but you cannot make a new one; instead you must now make a Property and Financial Affairs LPA.
You choose one person, or more, to make decisions about your property or money, such as:
- – Paying bills
- – Collecting your benefits
- – Selling or letting your home
- – Looking after your investments
Once registered with the OPG, this LPA can be used while you retain mental capacity and authorise its use but also should you lose your mental capacity.
You don’t have to be in your later life to make a LPA. We never know what is round the corner so it is sensible for anyone with commitments: husbands and wives, children, dependent relatives, or a business, to consider making at least one type of Power of Attorney.
Your solicitor will guide you through the process, ensuring both your understanding at every point and that the LPA is completed with your best interests at heart. Our experienced staff at Tallents can help you every step of the way.