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What is a Lasting Power of Attorney?

By Tim Bishop

Republish: EasyPublish™
Published: 10Jan2010
Word count: 425
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The loss of the breadwinner can be devastating to any family. One of the steps you can take to reduce the problems your family may face in the future is to leave a will - you might have already done so. It's always good advice to ensure that you have a valid will and that it is regularly updated. However, many people leave it at that, believing that they have put into place all the arrangements and protection that their family needs.

But what would happen if you were involved in an accident, or became a victim of a disease which does not result in your death but in the loss of your ability to manage your affairs? Your family could be left facing serious financial and practical difficulties at a time when they are least able to cope.

All this can be avoided if you instruct a solicitor to prepare a Lasting Power of Attorney (known as an LPA) whilst you are still in good health and of sound mind. These days an LPA can be as vital as a will.

What is involved in making a lasting power of attorney?

1. An LPA is more complex than the more basic Enduring Power Of Attorney which it replaced on October 1, 2007. Existing Enduring Powers Of Attorney (i.e. those prepared before October 1, 2007) will continue to be effective.

2. You have complete freedom in your choice of attorney although they must be aged over 18 and be neither bankrupt or mentally incapable.

3. You can give an attorney power to look after just your money and property or you can choose to give the attorney the power to make decisions about non-financial matters such as where you live or what medical treatment you have.

4. An LPA must be signed while you are in good health and still mentally capable and it may come into effect before, as well as after, you become incapable of managing your own affairs.

5. You are able to give guidance to your attorney in the LPA about matters you would like to have considered when decisions are made about you by your attorney.

6. LPAs are significantly more complex than the Enduring Power Of Attorneys they replace. An LPA must be registered before an attorney can act for you and anyone agreeing to act as an attorney under an LPA should be aware that they take on significant responsibilities under the Mental Capacity Act 2005.

If you are thinking of making a Lasting Power Of Attorney, make sure you take advice from a solicitor experienced in their preparation.

Bonallack and Bishop are Warminster, Andover and Salisbury Solicitors experienced in making Lasting Power of Attorneys. Tim Bishop is senior partner of the firm, and has spearheaded its growth, seeing it expand by 1000% in the last 12 years. He is responsible for major and strategic decisions and sees himself as an entrepreneur who owns a law firm.

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