Lasting Power of Attorney (LPA)
Managing your finances and making decisions about medical treatment and long-term care can become complicated if you lose the mental capacity to make these decisions for yourself.
While you have the mental capacity you should make a Lasting Power of Attorney to avoid unnecessary expense in future and the uncertainty and anxiety your family and business partners would face if you become incapable of making decisions.
Making an LPA also means you get to choose who you would like to act on your behalf.
There are two types of LPAs:
- Property and Financial Affairs LPA
This type of LPA allows you to choose who you wish to be responsible for your financial, property and business concerns if you can no longer make decisions concerning them.
- Health and Welfare LPA
You can also put in place a Health & Welfare LPA to authorise decisions about your healthcare and personal welfare.
Both types of LPA must be registered with the office of the Public Guardian before they can be used. Failure to do this will result in a delay if the LPA is needed following incapacity.
Enduring Power of Attorney (“EPA”)
It was possible to make an EPA prior to October 2007. This type of power of attorney allowed someone to manage property and financial affairs. After October 2007 it has no longer been possible to create an EPA although if you executed one before then it can still be used by your attorney(s) to manage your financial, property and business affairs.
While this type of power of attorney could be used immediately after signature, it must be registered with the Office of the Public Guardian if the person who granted the power has become or is becoming mentally incapable of managing their financial affairs.