Lasting Power of Attorney General Information
The Importance of a Power of Attorney
As we are living longer, we can remain physically capable but often our mental capacity deteriorates rapidly and often in an unforeseen way. The unfortunate thing is, we never know when we are likely to lose capacity – it could be through age, accident or medical condition e.g a stroke and even young people whom you would not expect can find themselves in the position of having lost capacity.
It is therefore important that provision is made for these eventualities.
The best way to do that is through a Power of Attorney.
What is a Power of Attorney?
A Power of Attorney is basically a legal document that gives a person you appoint powers to handle specified affairs.
Although the terminology is different for Powers of Attorney in England and Wales from Scotland their effect tends to be very similar.
In both they are basically split into Powers of Attorney:
- One which gives someone the power to act for another in their property and financial affairs
- One which gives someone the power to intervene in welfare affairs.
In England and Wales these are separate documents. In Scotland they can be combined to cover both financial (known as a Continuing Power of Attorney) and health and Welfare.
The Different Types of Powers of Attorney – England and Wales:
- A Lasting Power of Attorney (LPA) for Property and Financial Affairs
- A Lasting Power of Attorney (LPA) for Health & Welfare
- A General Power of Attorney