Legal News | 10.11.22
Don’t delay, contact Wansbroughs to make your LPA today!
Processing times for the registration of Lasting Powers of Attorney (‘LPAs’) have now hit a record high, so our advice is to prepare and register your LPAs now.
While making a Lasting Power of Attorney can be a relatively quick process, an LPA cannot actually be used by your chosen attorneys until it has been registered with the Office of the Public Guardian (‘OPG’). Given that the OPG is currently quoting in excess of 20 weeks to register a Lasting Power of Attorney, it isn’t wise to delay registering your LPA until it’s actually needed; instead, we would recommend registering the LPA as soon as it has been signed, so that it is ready to be used when needed.
Although there are alternative ‘short-term’ options available for helping a loved one with their health, welfare and financial decisions, LPAs are widely considered to be the gold standard option.
There are two types of LPA available and you can choose to make either one or both:
LPA: Financial Affairs
A Lasting Power of Attorney for Financial Affairs allows you to choose people (called attorneys) to make decisions regarding your finances and property on your behalf. This can include paying bills, operating bank accounts and selling your property, if required.
You can choose when your attorneys can step in, be it:
a) when you are no longer capable of making decisions for yourself; or
b) if you decide that you could do with some help dealing with the day-to-day running of your finances while you still have capacity.
LPA: Health and Welfare
A Lasting Power of Attorney for Health and Welfare allows your attorneys to make decisions, on your behalf, regarding where you live, the medical treatment you receive and your day-to-day needs. This type of LPA can also incorporate instructions regarding the type of life sustaining treatment that you may or may not wish to receive, as well as who should make any decisions regarding your end of life care.
In contrast with the LPA for Financial Affairs, the Health and Welfare LPA can only be used once you no longer have the mental capacity to make these types of decisions for yourself. However, in the case of both Lasting Powers of Attorney for Financial Affairs and Lasting Powers of Attorney for Health and Welfare, registration must have taken place before an attorney attempts to make any decisions on behalf of the donor, hence is an essential step in the process.
If you would like to discuss making an LPA, or if you need help registering an existing LPA, then please do get in touch your usual contact or email us at wealth@wansbroughs.com.
