Lasting Power of Attorney (LPA)
( Property and Affairs )
A Property & Affairs LPA is a document that can be drawn up to cover the management of your financial affairs by someone of your choice (an attorney), primarily in the event that you lose your mental and/or physical capacity .
Whereas a Will is a document that organizes your affairs following your death, a Property & Affairs LPA is a document that details advice, guidance and restrictions to your chosen attorneys as to how your financial affairs are to be managed by them, in your interests, during your lifetime, in the event that you cannot do so yourself.
It is essential that your LPA document is put in place whilst you have the mental ability. If you have an accident or illness or suffer dementia and you lack the necessary mental capacity it will be too late to create a valid LPA.
A Property & Affairs LPA is a very powerful document and serious consideration should be given to its content, however there are numerous safeguards to prevent the authority that you give being abused by your attorneys.
A Property & Affairs LPA can be revised or cancelled at any time so long as you have the mental capacity to do so.