Do you have a Power of Attorney in place?
Don’t let your LPA go out of date
This could be an Enduring Power of Attorney (EPA) if made before October 2007, or a Lasting Power of Attorney (LPA) if documented after October 2007?
Unless you’ve already done so, you definitely need to update an EPA which will be at least a decade out of date.
Now known as an LPA, this legal document outlines who will make decisions on your behalf if you are unable to because of accident or illness. Like a Will, it’s there to provide peace of mind that if the worst should happen, measures are already in place to support you and your loved ones.
You can read here about a recent example, a Pembrokeshire couples struggle with Lasting Power of Attorney application
It allows you to make those important decisions now, while you’re well and of sound mind, and provides a framework for difficult discussions with friends and family.
A specialist lawyer will be able to go through all of the different things you need to consider and help you decide if you want a Health and Welfare LPA, a Property and Finance LPA, a Business LPA or all three.
They’ll also help you decide who to appoint as your official attorneys, whether that’s a partner, sibling, grown up child, friend or a professional like a solicitor or accountant. Once you’ve made your LPA you should review it ever five years, just like a Will.
There are many reasons to change or amend the LPA, for example:
1. Are your attorneys still in good health and able to manage your affairs?
2. Do you still have a close relationship with your attorneys or is there someone else you would now prefer to deal with your affairs?
3. Do your attorneys agree on matters or are they constantly bickering which could cause friction and delays when dealing with your affairs in the future?
4. Do you wish for your money to be managed by a Discretionary Fund Manager to enable them to make investment decisions on your behalf?
5. Do you currently have an EPA which covers your property and financial affairs, but you do not have a Power of Attorney to cover your health and welfare issues?
6. Have you registered your LPA / EPA with the Office of the Public Guardian yet? It should be registered while mental capacity is still in place. If your mental capacity has diminished since you made the LPA/ EPA, or is it expected to reduce in the future, now is the time to ensure timely registration to reduce potential delays to the Power of Attorney’s implementation.
7. Do you and your partner have both personal LPAs for Property and Finance, and Health and Welfare? Are you each other’s attorney? What if you were both injured in the same event?
8. Are you in a new relationship since documenting your LPA, would that impact how you would draw one up today?
Should you wish to review your Power of Attorney documents, please contact Patricia Prescott on 01772 348 922 to discuss.