Putting a power of attorney in place is one of the most important steps you can take to plan for the future. If you are ever unable to make decisions yourself, someone you trust will have the legal authority to act on your behalf.
What is a power of attorney?
A power of attorney lets you appoint someone to make decisions for you. To create one, you must be over 18 and have the mental capacity to make your own choices at the time you set it up. There are two types: ordinary and lasting power of attorney. An ordinary power of attorney is usually used for a short period, such as a hospital stay or trip abroad, and only covers financial matters. It becomes invalid if you lose mental capacity.
Lasting power of attorney
A lasting power of attorney stays in place if you become unable to make decisions. There are two kinds of LPA: one that covers your property and finances, and one that covers your health and welfare. You can choose to set up one or both types.
A property and financial affairs LPA allows your attorney to handle tasks such as paying bills, collecting benefits, managing bank accounts, or selling your home. A health and welfare LPA covers decisions about your daily care, medical treatment, and whether you should move into a care home. You can set up a power of attorney online through a company such as https://powerofattorneyonline.co.uk/.
Choosing and appointing attorneys
You can appoint one attorney or several; if the latter, they can make decisions together or you can authorise them to act separately. The official government website has more information. You can apply for an LPA online and once it has been registered, it can be used straight away or kept for when needed.
Changing or cancelling an LPA
You can cancel your LPA if you still have the mental ability to do so. An LPA will also end automatically if certain events occur, such as the death of the donor or attorney or, in some instances, bankruptcy.