A lasting power of attorney (LPA) is a legal document that allows you (the donor) to appoint one or more people (your attorneys) to act and make decisions on your behalf. This gives you more control if you should lose your mental capacity either through an accident or illness.
You must be over 18 and have mental capacity at the time when you make the LPA.
There are two types of LPA: a health and welfare LPA and a property and financial affairs LPA. You can create one or both types of LPA.
The health and welfare LPA allows your attorneys to make decisions regarding medical treatment, transfer to a care home or life sustaining treatment. This LPA will only come in effect when you are unable to make decisions for yourself.
The property and financial affairs LPA allows your attornerys to make decisions regarding your finances such as managing a bank account, paying bills, collecting benefits and selling your home. This LPA can either come into effect straight away if you wish, or it can come into effect when your are unable to make decisions for yourself.
You should not assume that a spouse, partner or other family member will be able to act for you if you lose capacity. If there is no LPA in place then a deputy may have to be appointed by the Court of Protection.
If you have an LPA in place you can rest assured that your wishes will be carried out by people you know and trust.
We can assist with preparing your LPA and registering it with the Office of the Public Guardian.
To find out more about our LPA services please call us or send us an email.
When people think of a lasting power of attorney (LPA) they look at it from a personal point of view in relation to their personal finances or health. But a business LPA is just as important for anyone in business either as a sole trader, a director of a limited company, or as a partner in a partnership or LLP.
Having a business LPA means there is a trusted person (an attorney) in place to deal with the financial affairs of the business in the event that you lose capacity through accident or illness, or are stranded abroad and are unable to sign documents.
An attorney would be able to make decisions for the business and carry on activities such as managing the bank, running the payroll, paying suppliers and placing orders.
You may assume that a family member would be able to do this for you, but they may not have the neccessary experience or knowledge to do this properly and may not have the authorisation to deal with the business's bank. If there is no one with the authority to make decisions and access funds, the business may be left unable to function.
In this situation an application would have to be made to the Court of Protection to appoint a deputy to carry on the business, a process which can take several months to complete.
A business LPA can be tailored to suit the specific requirements of a business.
If you're thinking of creating a business LPA please give us a call or send us an email to find out more.