A Lasting Power of Attorney (LPA) is a way of giving someone you trust (your Attorney) legal authority to make decisions as if they were you if you lose the mental capacity to do so for yourself.
There are two types of LPA:-
- LPA for financial decisions
- LPA for heath and care decisions
LPA for Financial Decisions
An LPA for financial decisions can be used either while you still have mental capacity if you simply do not want to make decisions for yourself or you can state that you only want it to come into force if you lose mental capacity.
Such an LPA can cover things like:-
- Operating your bank account
- Buying and selling property
- Paying the mortgage
- Investing money
- Paying bills
- Arranging repairs to property
You can either restrict what decisions your Attorney can make on your behalf or your Attorney can make all decisions on your behalf.
If you set up a LPA for financial decisions, your Attorney must keep accounts and make sure their money is kept separate from yours. You can ask for regular details of how much is being spent and how much money you have left. If you lose mental capacity you can stipulate that these details be sent to a family member or even your solicitor. This gives you an extra layer of protection.
LPA for Health and Care Decisions
This covers health and care decisions but can only be used once you have lost mental capacity. An Attorney here can make decisions as if they are you for things like:-
- Where you should live
- Your medical care
- What you should eat
- Who you should have contact with
- What kind of social activities you should take part in