Lasting Powers of Attorney

Whilst the press often emphasise the importance of preparing Wills which determine where your assets pass when you die, relatively little is heard about Lasting Powers of Attorney, yet they are just as important as Wills.

Lasting Powers of Attorney enable you to determine who you would like to deal with your property and finances and also your health and welfare issues in the event that you become mentally incompetent or physically unable to manage your own affairs.

Lasting Powers of Attorney (LPA) replaced Enduring Powers of Attorney (EPA) in October 2007. This means that you can no longer create an EPA but people with EPAs prepared prior to October 2007 need not worry as their documents are still legally valid.

Whilst EPAs only give control over finances and property, LPAs go further in allowing your nominated attorney to take responsibility for your health and welfare decisions. Therefore whilst the LPA invites us to consider some uncomfortable choices, it gives us an opportunity to take control of our future in a way that has not been possible before.

If you haven’t prepared either an EPA or an LPA and you become mentally incapable, then your next of kin does not have an automatic right to manage your affairs for you. To be given such a right your next of kin must apply to the Court of Protection to become your “Deputy.” A Deputyship application can be can be a longwinded, costly and stressful process so it is advisable not to wait until you are beginning to lose the ability to manage your affairs before you consider making an LPA.

Do not to leave your affairs to chance – call or e-mail for professional and friendly advice.

Shirah Real

Tel: 01276 681217

Email: Shirah.real@brooks–partners.co.uk