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Lasting powers of attorney (LPA)
There are two types of Lasting Powers of Attorney; Property and Financial Affairs and Health and Welfare. They are a formal document/ Deed where you name personal people you trust implicitly to make decision in the event you are unable to make the decision yourself. A Lasting Power of Attorney is effective in lifetime only and ceases upon death. The Will takes over after death.
TESTIMONIAL
Frequently Asked Questions
The effect of a Property and Financial Affairs Lasting Power of Attorney is to allow another person (or persons) to deal with your financial affairs on your behalf. This will include operating all your bank and savings accounts, dealing with any investment (including any portfolio stocks and shares) and buying or selling land or property (please note this list is not exhausted) . This means your attorney (the person you appoint ) can do anything on your behalf that you do yourself, including selling your property. You can appoint up to four attorneys and up to four replacement attorneys.
The effect of the Health and Welfare Lasting Power of Attorney is to allow your attorneys to make your decisions on your behalf in connection with, amongst other things, your medical treatment or where you should live. This type of Lasting Power of Attorney can only be used if you are mentally incapable of making such decisions yourself.
You must be completely satisfied that any person you appoint is totally trustworthy. If you have any doubts at all about any person you are considering appointing, you should not appoint them. When choosing an attorney, you should think about how well they look after their own affairs, how well you know them and how happy they would be to make a decision for you. You cannot choose someone who is subject to a Debt Relief Order or is Bankrupt for a Property and Financial Affairs attorney.
You can insert preferences or instructions in the Lasting Powers of Attorney which have the effect of restricting what your attorneys can do. You can also give guidance to your attorneys to reflect any wishes you may want them to take into consideration when dealing with your Health and Welfare.
Your attorney will not be able to act on your behalf until the Lasting Power of Attorney has been registered with court- Office of the Public Guardian (the OPG is the administrative arm of the Court of Protection). This is the case regardless of whether you are mentally able to manage your affairs yourself. The registration process takes between 12-16 weeks during the time the Lasting Powers of Attorney being registered, your attorney will not be able to do anything on your behalf.
Once your attorney starts to act on your behalf, they must act in accordance with the Mental Capacity Act 2005 and the accompany Code of Practise. Amongst over things, one of the main criteria is your attorney must always act in your best interest and take account of any wishes that you express. We direct both you and your attorneys to familiarise yourself with the aforementioned and in particular the five key principals set out within.
In respect of your Property and Financial Affairs LPA, if you own a business, we advise that you take specific advice from your business accountant or solicitor about the operation of the LPA. Foys Solicitors do not deal with this area of advice. You should be aware that your LPA will only operate in respect of your personal finances, and not your business partnership or company, unless changes are made to the relevant constitution such as the partnership agreement or memorandum and articles of the company.
with regard to your Property and Financial Affairs LPA, should you have investments such as shares which are managed for you on a discretionary basis, you need to include in the LPA specific wording in relation to the appointment of a discretionary investment manager.