It is sensible to consider what will happen if at any time you are unable to manage you own affairs. This might be because you are planning to be out of the country and you need someone to sign documents whilst you are away. This can be dealt with by way of appointing an Attorney using a General Power of Attorney. Your attorney can act on your behalf for a period of up to twelve months.
It is also very important to consider that at some point in the future you may lose the capacity to deal with your own affairs. As a precautionary measure we can prepare what is known as a Lasting Power of Attorney or LPA for short.
These have replaced what were previously known as Enduring Powers of Attorney.
It is important to consider drawing up a Lasting Power of Attorney now because these can only be prepared whilst the donor has capacity. If you lose capacity without having a LPA in place, in order for someone to deal with your assets, an application has to be made to the Court of Protection to appoint a deputy. This is a very expensive and lengthy process. We therefore always recommend our clients should have an LPA, just in case.
There are two types of LPA; one to deal with property and finance and the other with health and welfare. Therefore if you want your Attorney to not only handle your financial affairs but also be able to make decisions about your health and medical treatment then both types of LPA can be prepared.