A Lasting Power of Attorney (LPA) is a legal document which bestows the person of your choice the power to manage your financial affairs and/or medical and welfare decisions if you were unable to now or in the future.
A Lasting Power of Attorney is the only document which gives this power after mental incapacity such as a stroke. It has to be registered with the Office of the Public Guardian.
A donor is the person making the Power of Attorney.
An attorney is the person the donor appoints to act.
Who needs one?
- Anyone who has assets in their sole name or owns shares in a property
- Anyone who owns investments, like Tessa's or Peps or ISA's
- Anyone who has Bank or Building Society accounts in their own name
In the event of an accident, illness or a problem abroad
- All assets are frozen
- Access to them is prohibited
- There is a delay in dealing with bills then the Court of protection is the only option
- A receiver is appointed and charges are incurred.
YOU CANNOT COMPLETE ONE AFTER THE EVENT!
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More Information From The Office of the Public Guardian