The Lasting Power of Attorney (LPA) was introduced on 1st October 2007 and is now the primary way to give an attorney the authority to look after a person’s financial affairs. The LPA operates both before and after a person becomes incapable of managing their own affairs. The previous form of power of attorney (Enduring Power of Attorney – EPA) can no longer be created. However, existing EPA's will continue to be effective.
The new Property and Affairs LPAs can enable the attorney to act both before and after the onset of mental incapacity. However, the new Lasting Powers of Attorney must be registered with the Office of the Public Guardian (OPG) before an attorney has power to act ,and there is a Court fee payable for the registration.
The power to look after money and property is called a ‘Property and Affairs LPA’. There are also ‘Personal Welfare’ LPAs, which give an attorney the power to make decisions about non-financial matters, such as where one should live or medical treatment. The Personal Welfare LPA, can be used by the attorney only after a person has lost capacity and, has to be registered with the Public Guardian.
We are happy to give an estimate of our fees if you are considering making a Lasting Power of Attorney, and can advise those thinking about taking on the role of attorney.
