A lasting power of attorney is a versatile legal instrument that allows individuals to appoint attorneys to act on their behalf. Let’s look at the two different versions of these documents, what they cover, and when they come into effect.
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Property and finance LPA
This kind of LPA is perhaps the most common, with the donor endowing their attorney, or attorneys, with the power to make decisions on their behalf relating to property and money. This can include selling a home, managing bank accounts, paying bills, or collecting benefits and pensions. Once the LPA has been registered, it can be used as soon as the donor gives their permission.
Health and welfare LPA
This kind of LPA deals with decisions about the donor’s personal welfare and any healthcare they receive; for example, it deals with medical care; daily routines, such as meals, washing, and dressing; decisions about life-sustaining treatment; and whether the donor needs to move into a care home or nursing home.
It differs from the finance and property LPA in that it only comes into effect after the donor is deemed to lack mental capacity. This ensures their wishes at the time of the execution of the LPA are adhered to.
Deciding which type of LPA you need
The process will be dictated by your circumstances. Some potential donors may just need one of the two kinds of LPAs, whilst some people may feel they need both.
