Lasting Power of Attorney
Lasting Power of Attorney
Planning ahead to make sure your loved ones are taken care of after you’ve gone is something that is important to many. But have you thought about making plans to safeguard your own welfare and finances during your lifetime?
Whilst it can be difficult to imagine a time when you might be unable to make your own decisions, life can from time to time thrown a curve ball, so it is vital to be ready by appointing someone you trust to take care of your best interests should you become unable to do so. A Lasting Power of Attorney will legally enable you to do just that.
Since 1969, Partridge Muir & Warren has been taking care of the financial and estate planning needs of the people of Surrey. Something we always recommend to our clients when planning their estates is making a Lasting Power of Attorney (LPA). Because putting the best interests of our clients first has always been of paramount importance to us here at PMW.
Why are Lasting Powers of Attorney so important?
It is not something anyone likes to think about but, in reality, the risk of losing mental capacity is not something to overlook. Whether it is due to the ageing process, or a result of accident or illness, if you lose the ability to make important financial and welfare related decisions and there is no one legally appointed to take the reins on your behalf, then those decisions will fall to the court. Unfortunately, this can make things difficult, time consuming and also costly for your family.
A Lasting Power of Attorney allows you to appoint a trusted person, your ‘attorney’, to make decisions for you that fall in line with your wishes and best interests. There are two types of LPA.
A Health and Welfare LPA grants your attorney the power to make decisions about the likes of medical care, long term care, life sustaining treatment and daily routine. This type of LPA can only be used when you become unable to make your own decisions.
A Property and Financial Affairs LPA allows your attorney to make decisions about money and property. These may include managing bank and building society accounts, collecting pension and benefits payments, paying bills and selling or renting out your home. This LPA can be used as soon as it is registered with the Office of the Public Guardian and with your permission, or at a time you stipulate when making it.
A Lasting Power of Attorney allows you to appoint a trusted person, your ‘attorney’, to make decisions for you that fall in line with your wishes and best interests. There are two types of LPA.
A Health and Welfare LPA grants your attorney the power to make decisions about the likes of medical care, long term care, life sustaining treatment and daily routine. This type of LPA can only be used when you become unable to make your own decisions.
A Property and Financial Affairs LPA allows your attorney to make decisions about money and property. These may include managing bank and building society accounts, collecting pension and benefits payments, paying bills and selling or renting out your home. This LPA can be used as soon as it is registered with the Office of the Public Guardian and with your permission, or at a time you stipulate when making it.
Watch our video to find out what we can do for you
Why choose PMW for your Lasting Power of Attorney?
PMW has been recognised by the financial planning industry for its expertise across all aspects of financial advice and estate planning by an array of awards and repeat accolades.
The City of London Wealth Management Award has been presented to us for two consecutive years, acknowledging our quality of service. We have also been named Wealth Manager of the Year Southern England following votes from our clients and the public and, in addition, have been presented with the title of Best UK Independent Adviser by Advisory HQ for the past four years.
The City of London Wealth Management Award has been presented to us for two consecutive years, acknowledging our quality of service. We have also been named Wealth Manager of the Year Southern England following votes from our clients and the public and, in addition, have been presented with the title of Best UK Independent Adviser by Advisory HQ for the past four years.
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Can’t I just leave making an LPA until when it’s needed?
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Unfortunately, by the time mental capacity has been lost, it is too late to make an LPA. Lasting Powers of Attorney must be made when clear mental capacity is apparent, so that the choice of who to appoint to make those vital decisions on your behalf is made coherently.
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Who should I appoint as attorney?
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Your chosen attorney, or attorneys, should be people you trust to make the right decisions for you that fall in line with your best interests and wishes. You can appoint one or more attorneys to act either jointly (both most agree on decisions), or jointly and severally (either or can make a decision). You can also appoint a replacement attorney to take over should your first choice become unable to act.
Attorneys can only act under an LPA once they are registered with the Office of the Public Guardian.
If an appointed attorney becomes bankrupt or subject to a debt relief order, then they will be unable to act for financial decisions. This will not affect a Health and Welfare EPA.
Attorneys can only act under an LPA once they are registered with the Office of the Public Guardian.
If an appointed attorney becomes bankrupt or subject to a debt relief order, then they will be unable to act for financial decisions. This will not affect a Health and Welfare EPA.
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Can you act as my attorney?
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If you feel there is no one else you trust to act as your attorney under an LPA, then you may appoint PMW to act for you. Your best interests and wishes will always be at the forefront of our considerations when making decisions on your behalf.
We can also professionally support any family or friends you appoint as attorney should they need help in carrying out their duties.
We can also professionally support any family or friends you appoint as attorney should they need help in carrying out their duties.
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I made an Enduring Power of Attorney years ago. Is it still valid?
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When the Mental Capacity Act 2005 came into force on 1 October 2007, the Lasting Power of Attorney replaced the Enduring Power of Attorney (EPA). However, any valid EPA made before 1 October 2007 remains as such.
If you do have an EPA though, it is wise to discuss your current circumstances and wishes with a legal expert, in case it would be beneficial to revoke your EPA and replace it with an LPA. You may also wish to consider making a Health and Welfare LPA to complement your EPA so that your attorneys have the power to make health and welfare decisions as well as financial ones.
If you do have an EPA though, it is wise to discuss your current circumstances and wishes with a legal expert, in case it would be beneficial to revoke your EPA and replace it with an LPA. You may also wish to consider making a Health and Welfare LPA to complement your EPA so that your attorneys have the power to make health and welfare decisions as well as financial ones.