Lasting Powers of Attorney
A Lasting Power of Attorney is a legal document that allows you to give someone else the authority to act on your behalf.
If an individual 'loses capacity' or is deemed to have done so by a doctor all of their financial affairs are frozen. In effect this means that no bills can be paid. Without a Lasting Power of Attorney the next of kin would have to apply to the 'Court of Protection' which eventually appoint a deputy. Once appointed, and it can take over a year, and cost £1000's the next of kin is still very limited in their powers. They can never settle a bill for over £500 without prior approval and must keep a record of every transaction for 7 years !!!
There are two different types of LPA;
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Health and Welfare
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Property and Financial Affairs
A property and financial LPA allows your attorneys to make decisions regarding your finances - this could include decisions about paying the bills, operating your ban accounts or even selling your home.
A Health and Welfare LPA allows your attorneys to make decisions for things such as medical treatment, accepting or refusing types of of health care and whether or not to continue to live in your own home. You can also give attorneys decisions about life-sustaining treatment for you
Please note once you have lost capacity it is too late to make an LPA so act now.
Over 850,000 people in the UK have dementia but remember simply falling off a ladder may cause loss of 'capacity' and you must have LPA's