generational-financial-planning-industry-experts

Making a Lasting Power of Attorney.

A Lasting Power of Attorney (LPA) is a legal document that allows an individual (the donor) to appoint one or more individuals (the attorneys) to make decisions on their behalf, should they become unable to do so themselves due to illness, disability, or mental incapacity.

To make a Lasting Power of Attorney, the donor will need to follow the following steps:

1. Choose an attorney – The donor will need to choose one or more individuals to act as their attorney. It is important to choose someone who is trustworthy, responsible, and is willing to take on the responsibility.

2. Fill out the appropriate LPA form – The donor is advised to seek professional advice to complete the appropriate LPA documentation. There are two types of LPA documents: one for health and welfare decisions, and one for property and financial affairs.

3. Notify people – The donor will need to inform their attorneys, and any close family members or friends of the appointment, and ensure they understand the donor’s wishes.

4. Register the LPA – Once the LPA documentation is complete, it must be registered with the OPG (Office of the Public Guardian). There is a fee to register the LPA, and the donor’s attorneys will not be able to act on the donor’s behalf, until the registration is complete.

It is important to note that an LPA can only be created whilst the donor has the mental capacity to make their own decisions. If the donor becomes mentally incapacitated without having made an LPA, it may be necessary for someone to apply to the Court of Protection to become their deputy, which can be a complex and expensive process.

Overall, creating a Lasting Power of Attorney can provide peace of mind that important decisions can be made on behalf of the donor if they are unable to do so themselves. It is important to work with a qualified legal practitioner, to ensure the LPA is set up correctly, and to ensure that the chosen attorneys are aware of their responsibilities and the donor’s wishes.