An ordinary Power of Attorney is a legal document that allows someone full access to make decisions and take action concerning your finances while you still have mental capacity. It is possible to limit the power you give to your attorney so that they can only deal with certain assets, for instance, your bank account but not your home.
A Lasting Power of Attorney ( LPA ) is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf.
In order to make a LPA you must be aged 18 or over and have the mental capacity to make your own decisions at the time you make your LPA.
There are 2 types of LPA;
- Property & Financial Affairs covers
- managing financial accounts such as bank/building society
- paying bills
- collecting benefits or a pension
- selling your home
- Health & Welfare covers
- your daily routine, for example washing, dressing, eating etc
- your medical care
- moving into a care home if necessary
- life-sustaining treatment
You can choose to make one or both, depending on what you feel is necessary.
My Finance Friend can help you with Power of Attorney and Lasting Power of Attorney as well as Will Writing. We will happily sit down with you and explain everything in detail. Whether you’d prefer to do this in your own home, our offices or at a place to suit you is entirely your choice. Feel free to bring along family members if you so wish.
So, if you’d like to discuss your requirements or you have any questions please don’t hesitate to get in touch