Power of Attorney
What is a Lasting Power of Attorney?
Often, lasting powers of attorneys (LPA) are associated with the elderly. However, this is a misconception that needs to be addressed.
Currently only 6% of the population have either a LPA or Enduring Power of Attorney (EPA). They are a protection product as important as any other such as life insurance or buildings insurance.
A LPA is a legal document that enables a chosen attorney to look after your affairs or make decisions on your behalf if you are incapacitated. They can only be used in the specific circumstances specified in the document.
Types of LPA
There are two types of LPA:
- Property and Financial Affairs; this document allows a designated attorney to deal with property, accounts, investments etc.
- Health and Welfare; this document allows a designated attorney to make medical decisions on your behalf.