Lasting power of attorney (LPA) is a type of power of attorney that comes into effect when a person loses the mental capacity to make important decisions for themselves.
LPA For Financial Decisions
Many people create an LPA for financial decisions while they are still healthy and able to do so. This way, they can decide precisely who is responsible for taking care of their financial affairs when they become incapacitated, perhaps because of a disease such as Alzheimer’s. Therefore, you should consider LPA as soon as possible.
The person you nominate for LPA for your financial affairs will be responsible for things like paying your bills, paying any rent or mortgage payments you owe, investing your money, and buying and selling your property. They also take care of your assets, such as arranging maintenance for your home.
As the person granting LPA, you can place limits on the types of decisions that they can make. For instance, you might give them control over your day-to-day finances, but you might not permit them access to your investment accounts. The level of control you offer is entirely up to you.
If you want an extra level of protection, you can send your financial details to a solicitor. They can then monitor your accounts, checking where money is being spent, and by who.
LPA For Healthcare Decisions
You may also lose the capacity to make decisions about your healthcare after a medical event, such as a stroke. A person you give LPA to can make decisions about your healthcare, what you should eat, the people you have contact with, and any activities you take part in (perhaps in a care home). Again, it is best to do this straight away and not wait. If you do, you may lose capacity.
A person with LPA also can make decisions about the type of life-saving treatment you receive. For instance, you may opt to receive any intervention which could temporarily lengthen your life, or you may not.
Your Spouse Doesn’t Automatically Have LPA Rights
If you are married or in a civil partnership with someone, don’t assume that they have LPA rights to make decisions on your behalf. They won’t automatically. That means that they won’t have access to your bank details or finances, and therefore, they may be unable to make decisions on your behalf.
To protect yourself, work with a qualified solicitor as soon as you can. They can draw up LPA for you. This way, if you do lose capacity, you can ensure that the person you nominate will carry out your wishes. If you are thinking about setting up LPA get in touch with Browsers Solicitors today. Whether you are looking for answers to the questions 'how do you set up a lasting power of attorney for a parent?' or 'how do I set up a lasting power of attorney?' or you just want to know lasting power of attorney rules, get in touch with our expert team today.
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