If you are concerned about how what will happen if you become unable to make decisions for yourself due to a loss of mental capacity, you may wish to consider setting up a Lasting Power of Attorney (LPA).
With a growing elderly population and a rising life expectancy in the UK, the effects of Alzheimer's, dementia, strokes and other conditions which could cause loss of mental capacity are increasingly well known.
Many people who have progressive illnesses or disabilities or who are simply moving towards old age have concerns about how their affairs will be managed, or how they will be cared for, in the even that they no longer have the capacity to choose for themselves.
If you share these concerns, setting up a Lasting Power of Attorney will enable you to have a say in decisions about matters that affect your life in the event that your lose the capacity to make those decisions for yourself. Our team can help you to set up a Lasting Power of Attorney which, should the worst happen, will empower people you trust to manage your affairs, or your care, on your behalf.
A Property and Affairs Lasting Power of Attorney allows you to appoint someone you trust (known as your 'attorney') to make decisions about how your money is spent, and how your property and affairs are managed.
A property and affairs LPA can come into force as soon as it is registered, or you can restrict it so that it can be used only in the event that you lose the mental capacity to manage your own affairs. Depending on how the LPA is set up, your attorney can be given authority to do any or all of the following on your behalf:
To protect you, there are limits placed on the gifts that can be given on your behalf. Gifts are restricted to those you would have made customarily - for example birthday gifts for relatives - and must not be of an unreasonable size relative to your financial circumstances.
There are also safeguards in place to ensure that your attorney acts in your best interests at all times.
Making a personal welfare Lasting Power of Attorney requires careful consideration, and it is likely you will want to consult your family and perhaps your doctor before setting one up. A personal welfare LPA allows you to appoint someone (known as your 'attorney') to make decisions about your health care, and your personal welfare. This includes decisions to consent to, or refuse, medical treatment and decisions about where you will live.
These decisions can only be made on your behalf after the LPA is registered and you no longer have the capacity to decide for yourself. Depending on how the LPA is set up your attorney can be given authority over any or all of the following matters:
As with the property and affairs LPA, there are safeguards in place to ensure that your attorney acts in your best interests at all times.