Lasting Power of Attorney for Health and Care
Lasting power of attorney for health and care decisions can only be used once an individual has lost mental capacity. In this scenario, the nominated person known as the ‘attorney’ is able to make decisions regarding:
- Where the individual should live.
- What medical care they pursue or accept.
- Their diet and socialising schedules.
Health and care power of attorney can also make an attorney responsible for making decisions about life-saving treatment.
Lasting Power of Attorney for Financial Decisions
Lasting power of attorney for financial decisions can come into effect when an individual still has mental capacity. Alternatively, they can state that they only wish for it to come into action in the event of them losing said capacity.
An LPA for financial decisions covers things such as:
- Buying and selling property.
- Paying a mortgage.
- Investing money.
- Paying bills accounting for other property expenses.
The authority of a selected person can be customised to cover just a few financial elements or all of them.
If you’re setting up an LPA for financial decisions, your attorney must keep accounts and make sure their money is kept separate from your own. You can ask for regular details of how much is spent and how much money you have. These details can be sent to your solicitor or a family member if you lose mental capacity.
You may be able to improve your financial situation with our ultimate guide on choosing the right ISA. >