Are your affairs in order?
A Lasting Power of Attorney (LPA) is a legal document which enables you to appoint an attorney who can make decisions on your behalf. Having an LPA in place will provide protection and peace of mind that your family will be able to gain access and deal with your affairs if you lose your mental capacity.
There are two different types of LPA; one relates to Property & Financial Affairs and the other to Personal Welfare.
Property & Financial Affairs LPA
By putting a Property & Financial affairs LPA in place you can empower an attorney with the ability to make decisions on your behalf relating to your financial assets. This can include your bank accounts, investments, savings, property, sorting your tax affairs, claiming pensions/benefits on your behalf the list goes on.
If you wish, once the document is registered your attorney can step in at any time. This means, for example, that if you were unable to deal with your financial affairs for reasons of physical incapacity then your attorney can carry out tasks for you.
If, however, your prefer, you can include restrictions in the document to state when and how your attorney can act.
Personal Welfare LPA
A Personal Welfare LPA gives your attorney the ability to make decisions about your personal welfare. This includes decisions relating to your living accommodation, care and medical treatment. A Personal Welfare LPA can only be used if you have lost your mental capacity.
Worrying statistics from the Alzheimer’s Society predict that at least 1 million people in the UK will have dementia by 2025. Mental capacity can be lost not only through age, but in an instant through an accident or injury. This highlights the importance of safeguarding your wishes.
How can we help?
If you require more specific advice and support in making these important and often difficult decisions and choosing the best option, please get in touch with us. An LPA is an important legal document and you need to ensure you get it right. The earlier you set up the document, the better, as once you have lost mental capacity it’s too late.
To discuss Lasting Powers of Attorney contact Head of Wills, Trusts and Probate (Sheffield), Lauren Smith in Sheffield on 0114 272 1884 or in Doncaster on 01302 341 414. Alternatively you can email Lauren on firstname.lastname@example.org.
We have a specialist team of experienced Wills & Probate, Conveyancing and Trust & Inheritance Planning Lawyers in Doncaster and Sheffield to help you ensure your wishes are adhered to.
For further information, contact our Legal 500 Personal Law team at email@example.com. You can also call us on 01302 341414 in Doncaster or 0114 272 1884 in Sheffield
About Taylor Bracewell
Taylor Bracewell operates from offices in Thorne Road and Ten Pound Walk in Doncaster and Fountain Precinct in Sheffield. Specialist areas are: Family Law, Business Law, Personal Law (including Wills, Probate, Trusts and Conveyancing), Dispute Resolution, and HR & Employment Law.
You can contact us at firstname.lastname@example.org or call us on 01302 341 414 in Doncaster or 0114 272 1884 in Sheffield.