- March 2019
The importance of the Lasting Power of Attorney
Many people worry about what happens to their assets after they pass away - but what happens to your assets if you become incapable of managing your affairs during your lifetime? Imagine the possibility that you have a stroke or the onset of dementia, will anyone be able to continue to pay your bills or collect your pension? Consider the possibility that you go into a care home and your property needs to be sold - who would be able to sign the conveyancing paperwork for you?
Lasting Powers of Attorney (“LPA”) came into force on 1 October 2007. The Property and Financial Affairs LPA replaced the Enduring Power of Attorney. If you have an EPA you may wish to speak with us to ensure it still meets your needs today. One of the main differences between the EPA and LPA is that the LPA can be registered straightaway, whereas the EPA is registered once the donor (the person who made the document) has lost, or starts to lose mental capacity. This unfortunately would mean a delay in the Attorney being able to act for you. Therefore you may wish to consider replacing your EPA with an LPA.
There is also a Power of Attorney for Health and Welfare under which your attorneys can make decisions concerning your care, and may be able to give instructions in relation to life sustaining treatment.
LPAs are extremely powerful and it is important that legal advice is sought. Our Jackamans’ Private Client team will be happy to discuss Powers of Attorney with you. If you would welcome an informal conversation over tea and cake about LPAs, we are holding an event at our Ipswich office on 3rd and 4th June. https://www.jackamans.co.uk/news/lasting-powers-of-attorney-event
This article provides only a general summary and is not intended to be comprehensive. Special legal advice should be taken in any individual situation.