Lasting Powers of Attorney
Lasting Powers of Attorney: Legacy Planning and Peace of Mind
With increasing life-expectancy, age-related issues have risen. According to a study by the Alzheimer’s Society, one person develops dementia every three minutes in the UK.
When you’ve worked hard to build your life, family and finances, peace of mind that the management of your wealth, property and welfare is in the hands of the people you trust should you become unable to do so yourself is powerful.
A Lasting Power of Attorney (LPA) empowers you to decide, in advance, from how your finances will be managed all the way down to what kind of medical care facility and treatment you would prefer in the event of old age, sickness or disability.
Without an LPA, there is no automatic legal authority for a family member to manage your affairs should you become incapacitated.
Quick Definition of a Lasting Power of Attorney
An LPA is a legal document that authorises a trusted person/s (known as an “attorney”) of your choice to make decisions on your behalf in the event of old age, sickness or disability.
The Empowering Benefits of LPAs
- You choose in advance the type of healthcare, welfare and treatment you would like to receive.
- Appoint the people you trust to manage your finances and property.
- Without one, family members may need to make costly applications to obtain legal authority to handle your affairs.
Who Should Make an LPA?
Any person over the age of eighteen with the mental capacity to make decisions can make an LPA. In our 40 years of practise, people have wanted LPAs for many reasons, including:
- Older adults who are worried about losing the ability to make decisions for themselves as they age.
- Individuals with a chronic illness or disability.
- People who frequently travel or work overseas and want to ensure that their affairs are taken care of in their absence.
- Busy professionals who want to have peace of mind knowing that their financial and welfare decisions are in trusted hands.
- Parents who want to appoint someone to make decisions for their children if they become unable to do so.
Is an LPA the Same as a Will?
A Will deals with your assets and property after you pass away. An LPA allows a trusted person to make decisions on your behalf if you become unable to do so.
Mental Capacity is determined by your capacity to make and fully understand the decisions that you are setting out at the time of making your LPA. In some cases, a medical evaluation will need to be carried out to proceed with your LPA.
There are 2 Important Types of LPA
Type 1 – Financial and Property
Allows the chosen person or people to make decisions about your property and financial affairs in accordance with your wishes. This person must be able to show that they have your best interests in mind and will be able to manage:
- Bank accounts.
- Sell or transfer property (if so required).
- Collect payments on your behalf.
- Make payment of bills.
Type 2 – Health and Welfare
Allows the chosen person or people to make decisions in accordance with your wishes on your health and welfare. You can set out how you wish to be cared for and plan for quality-of-life decisions in the event of incapacitation such as:
- Daily routine preferences.
- Dietary preferences.
- Medical facility preferences.
- Express preference for resuscitation or blood transfusions.
Each LPA is a separate legal document and many of our clients prefer to have both to cover as many bases as possible.
Charles Gomez & Co: Expert Legal Advice for Peace of Mind
With a personal approach to the unique needs of each of our clients, the Charles Gomez & Co team are equipped with the welfare training and expert legal knowledge so that your LPAs protect your best interests.
We understand that your legacy is more than simply the law, it’s about having control over your life, which is why we work closely with health professionals, psychologists and welfare groups of high standing such as Clubhouse Gibraltar to protect your expressed best interests throughout the process.
For a consultation, you can call us at 200 74998, email us at email@example.com or visit our offices at 5 Secretary’s Lane, Gibraltar.