Planning for the future includes more than just financial arrangements and tax planning — it also means preparing for times when you may not be able to make decisions for yourself. A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint someone you trust to make decisions on your behalf if you become unable to do so.
A Lasting Power of Attorney is a legal authority you give to another person — your attorney — to make decisions on your behalf should you lose the capacity to manage your affairs.
There are two main types of LPA:
This allows your attorney to manage financial matters on your behalf, including:
Paying bills and managing bank accounts
Collecting income
Selling or buying property on your behalf
Dealing with investments
This LPA can be used with your consent even when you still have mental capacity, if you choose.
This covers decisions about your personal welfare, including:
Medical treatment
Daily care and living arrangements
Life-sustaining treatment (if specified)
This LPA can only be used when you no longer have the mental capacity to make these decisions yourself.
Without an LPA in place, if you lose the ability to make decisions for yourself:
Family members or trusted friends may not have the legal authority to manage your finances or health decisions
Applications to the Court of Protection may be required, which can be costly and time-consuming
An LPA gives you control over who makes decisions on your behalf and how those decisions are made.
When appointing attorneys, it’s important to consider:
Trustworthiness and reliability
Ability to manage financial or health matters effectively
Willingness to take on responsibility
Your personal and family circumstances
You can also appoint more than one attorney and specify whether they must act jointly or independently.
A Property and Financial Affairs LPA can take effect as soon as it is registered — if you choose — or only when you lose capacity
A Health and Welfare LPA can only be used once you are unable to make decisions for yourself
Registration with the appropriate authority is required before an LPA can be used.
LPAs should be considered early — ideally as part of your wider financial and estate planning. They should also be reviewed periodically, especially if:
Your personal circumstances change
You appoint or remove attorneys
New legislation changes how LPAs work
Keeping LPAs up to date ensures they reflect your current intentions and needs.
Lasting Powers of Attorney involve legal, personal, and practical considerations that are best handled with professional support.
Applegrow Financial Advisors can help you:
Understand the differences between types of LPAs
Choose the right attorneys for your needs
Ensure documents are prepared and registered correctly
Integrate LPAs into your wider financial and estate plans
If you want peace of mind knowing that your affairs are protected no matter what the future holds, Applegrow is here to guide you through the LPA process with confidence.
Protect your future — ask Applegrow for clear, trusted guidance on Lasting Powers of Attorney.
