Two types of LPA
There are two types of LPA: one deals with property and finance, including the running of any bank accounts you may have, the handling of household bills, as well as managing any property that you own. Alongside this, it also deals with other financial elements such as your pension, taxes, any investments you might have as well as any instructions for your business if you’re a business owner.
The other type of LPA focuses on health and welfare. This one applies to where you live, whether that’s at home or in a care home, and taking decisions as to where is best for your wellbeing. It also takes into account other health elements such as managing doctors’ appointments and other medical needs – as well as looking at potentially more serious issues, such as either consent to or the refusal of life sustaining treatment.
Lasting Power of Attorney is often associated with those in the later stages of their life, however an LPA can be set up by anyone who is over the age of 18 at any point during their lifetime. This is something that is particularly important for those who own a business or have children. Having an LPA in place allows them to have a say in how their business is run, or how and by whom their children are brought up should anything unfortunate or unexpected occur.
All LPAs are issued by the Office of the Public Guardian. You can start the process online by going to https://www.gov.uk/power-of-attorney and following the steps.
However, given the powerful nature of an LPA and that it only comes into play when at your most vulnerable, seeking legal advice is recommended. Turning to a solicitor for guidance on the process can help to ensure that everything is carried out accurately and in line with your wishes.