A Power of Attorney is an important document that can ensure that your affairs and assets can be organised and dealt with by a person of your choosing if you lose mental capacity.
There are two main types of Power of Attorney. These are:
Lasting Power of Attorney for Property and Financial Affairs
This type of LPA allows someone to act on your behalf when dealing with your finances and property. This includes the likes of investments, bank accounts, credit cards, pensions and utility bills. This type of LPA can be cancelled at any time and can be used with permission even if you still have mental capacity.
Lasting Power of Attorney for Health and Welfare
As the name suggests, this deals with health and welfare matters such as what care you need or where you live. An attorney can make decisions when you don’t have the mental capacity to do so.
When You Might Need LPAs
There are a variety of reasons why people choose to complete the Power of Attorney Online process with companies such as //powerofattorneyonline.co.uk/. A Power of Attorney can ensure that your affairs are dealt with by a trusted person in the long term or as a temporary measure, such as during a hospital stay.
Mental Capacity Explained
An LPA is an important document if you lose mental capacity. This means if you can no longer understand information relating to a decision, evaluate this information, remember details to make informed decisions or communicate decisions. It is important to note that being unable to make a decision in some circumstances does not mean you do not have the mental capacity to make all decisions. Mental capacity relates to individual decisions at specific times. Mental capacity is covered by the Mental Capacity Act 2005.
Other types of LPA
These are the two most common lasting powers of attorney but are not the only options. Other kinds include business Powers of Attorney and Enduring Powers of Attorney.
