Essential for anyone who owns a business, an LPA, Lasting Power of Attorney, is an important document which needs expert input and thought before it is drawn up.
Individuals may wish a single person, or more than one person to act for them, and may need to provide names of successor attorneys, in case their original attorneys die or cannot act for them.
There are two types of LPA. A property and affairs LPA allows the attorney to deal with property and finances, while a welfare LPA gives the attorney the ability to make welfare and health decisions about the individual when they lack the mental capacity to do it for themselves.
LPAs came into force in October 2007, but older powers of attorney are still valid, but only in the realms of property and finance. If new arrangements are required, or the new attorney needs to make decisions that include health, family and welfare issues, then there needs to be a new LPA created. Investing the time in making arrangements now can help avoid potential difficulties later.
Re-published from the Pitmans Times 2012