Have you ever wondered if your family can handle a situation where you can’t sign documents or make decisions for yourself? Everyone understands the importance of making wills, but powers of attorney can often be at the bottom of the to-do list and considered less important when the truth is that they are as important as they allow your loved ones to do Manage your affairs on your behalf for as long as possible. If you lose your mental capacity due to dementia, an accident, illness, or stroke by granting permanent powers of attorney, you can appoint people in your best interests to make decisions about your finances or health and welfare be able to make them for yourself.
What is a Permanent Power of Attorney or LPA?
A permanent power of attorney, or LPA, is a legal document that enables an individual (the donor) to appoint someone (the attorney) to assist with making decisions on their behalf. The LPA must be registered with the Guardian’s Office before it is valid and the powers can be used by attorneys.
Up to five lawyers can be appointed, but careful consideration would have to be given to who and how to appoint them. For example, would you like all lawyers to act together or independently? It is not uncommon for appointments to be a mixture of working together and independently. However, day-to-day decisions like checking bank accounts can be managed by any of your lawyers. Other important decisions such as investing large sums of money or selling your home could be made with all of your lawyers who need to agree on the actions to be taken.
Your attorney can only make decisions or take action at your direction or on your behalf if you are mentally unable to do so.
What kind of power of attorney are you likely to need?
There are two types of LPAs:
1. Ownership and finance
2. Health and Welfare.
Both documents enable attorneys to make decisions on behalf of the donor. If the donor is no longer able to regulate their affairs, the lawyers have the power to continue making decisions on behalf of the donor.
But what about my spouse, signatory, or next-of-kin?
People often think they can do without LPA, but most of the time they don’t. For example, if you are a signatory, the authority will only remain in effect as long as the account holder is in full mental capacity.
In addition, a “relative” has no legal status and a spouse cannot see your official notes or make medical decisions on your behalf without official authority.
Wills & LPA Clinic – FREE CHAT
If you are considering an LPA or will and would like more information, you can take advantage of one of our upcoming sessions which will include a FREE 15 minute discussion with an attorney. Book your place today:
November 18th between 6pm and 9pm
November 26th between 6pm and 9pm
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