Lasting Powers of Attorney – what are the different types?

Lasting Powers of Attorney (or LPAs) take two different forms, and whilst it is advisable to have both you could just have one type if that is more appropriate for you.

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Lasting Power of Attorney for Property and Financial Affairs – This power allows the attorney to deal with the finances, banking, bills, stocks, shares and their properties.

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Lasting Power of Attorney for Health and Welfare. This allows the attorney to assist with decisions for life-sustaining treatment (if agreed by the donor) and decisions regarding their medical treatment, lifestyle and their residential home.

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For both powers, the donor chooses who they want to act as an attorney and they have the option to note down a ‘back-up’ attorney in the event the desired attorney is not able to act.

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You can revoke the LPA in the future if you change your mind as to who you would want to take decisions on your behalf.

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The attorney chosen by the donor must be over 18 years of age with full capacity and must not have been declared bankrupt. If the attorney becomes bankrupt after the power is registered, then the bankruptcy would automatically revoke their power, which is one of the key reasons to have a substitute attorney named.

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One key aspect to note is that the Power of Attorney for Property and Financial Affairs can be used before or after the donor loses capacity (subject to the donor’s decision). On the other hand, the Power of Attorney for Health and Welfare can only be used when the donor loses capacity.  This is one of the key reasons why they are dealt with separately, and it is not uncommon to have different people in each role.

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Edward Hands & Lewis Solicitors offers fixed fee services in preparing Lasting Powers of Attorney.  Find out more about our LPA services here  or contact us to arrange a free of charge call from out of our Private Client Team.