A Guide To Understanding The Different Types Of LPA
When it comes to giving someone Lasting Power of Attorney, there are a few fundamental things to note about the different types and what they mean. In this article, Elizabeth Middleton Solicitors has outlined the options that can be put in place to give you peace of mind that someone you trust is in charge of your affairs.
If you’re aged 18 or older and have the mental ability to make financial, property and medical decisions for yourself, you can arrange for someone else to make these decisions for you in the future if there comes a time when you’re unable to make decisions for yourself. This legal authority is called “lasting power of attorney” and will give people that you nominate the power to make decisions on your behalf.
The person who is given power of attorney is known as the “attorney” and must be over 18 years old. You are known as the “donor”.
There are 2 different types of LPA:
Personal Welfare Lasting Power of Attorney (LPA)
A personal welfare LPA gives your attorney the power to make decisions about your daily routine in the event that you are unable to make your own decisions. This can include washing, dressing, eating, medical care, moving into a care home and life-sustaining medical treatment.
Property & Financial Lasting Power of Attorney (LPA)
Property and financial affairs LPA gives your attorney the power to make decisions about your money and property, including managing your bank or building society accounts, paying bills, collecting your pension or benefits and, if necessary, selling your home.
Once registered with the Office of the Public Guardian, it can be used immediately or held in readiness until required.
It’s generally recommended that you set up both a personal welfare LPA and a property and financial affairs LPA at the same time and many people do this while reviewing or revising their Will. You can read more about the benefits of preparing a Will in our article titled ‘Do I need a Will?’.
For more information about LPA’s or advice on registering an Attorney, get in touch with Elizabeth Middleton Solicitors based in Woodley for trusted advice and a professional and respectful service.
Tel: 0118 343 2737
Email: [email protected]
