{"id":2176,"date":"2021-04-29T08:05:54","date_gmt":"2021-04-29T08:05:54","guid":{"rendered":"https:\/\/family-matters.co.uk\/?p=2176"},"modified":"2021-04-29T08:10:23","modified_gmt":"2021-04-29T08:10:23","slug":"lasting-power-of-attorney-is-not-only-for-the-elderly","status":"publish","type":"post","link":"https:\/\/family-matters.co.uk\/lpas\/lasting-power-of-attorney-is-not-only-for-the-elderly\/","title":{"rendered":"Why A Lasting Power Of Attorney Is Not Only For The Elderly"},"content":{"rendered":"

It is a misconception that a Lasting Power of Attorney is something only the elderly should consider. Illness, accidents, strokes and dementia can strike at any age as can other incapacitating events.<\/p>\n

Having an LPA in place is a small price to pay for the peace of mind that your financial affairs and personal welfare will be taken care of by someone you have appointed and entirely trust.<\/p>\n

These documents are designed to prevent abuse and misuse of a person\u2019s assets.<\/p>\n

What is a Lasting Power of Attorney?<\/h2>\n

A Lasting Power of Attorney <\/a>is a legal document giving another person (your attorney) the authority to manage your affairs and act on your behalf and is specifically designed to be used where you lack capacity to act for yourself.<\/p>\n

No one can create a power of attorney for you and you must create a power of attorney whilst you are still capable. By planning ahead and making an LPA, you are able to appoint trustworthy persons, give clear instructions and set boundaries as to how they are to handle your affairs should you be unable to do so in the future.<\/p>\n

If you fail to create a Lasting Power of Attorney whilst you are capable then anyone who wishes to act on your behalf, including your spouse, has to apply for a Deputyship order via the Office of Public Guardianship which is a lengthy and expensive process.<\/p>\n

Setting it up doesn\u2019t mean you have to give up control. Usually the power of attorney will only come into force once it has been registered.<\/p>\n

It takes several weeks to register a lasting power of attorney \u2013 yet another reason to get it set up early. If you lost mental capacity during those weeks, your attorney would not be able to act for you in the meantime.<\/p>\n

Types of Lasting Power of Attorney<\/h3>\n

There are two types of Lasting Power of Attorney, one for your financial affairs and one for your personal welfare. These documents are called \u201cLasting Power of Attorney \u2013 Property and Financial Affairs\u201d and \u201cLasting Power of Attorney \u2013 Health and Welfare\u201d<\/p>\n

Lasting Power of Attorney \u2013 Property & Financial Affairs<\/h3>\n

The Lasting Power of Attorney \u2013 Property and Financial Affairs, deals with matters relating to your property, business and financial affairs. If someday you lack the capacity to look after your own financial affairs, this document will entitle your property and affairs attorney(s) to do the following types of things:<\/p>\n