What Is Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a way of granting someone you trust the authority to act on your behalf in making decisions should you either lack adequate mental capacity to make decisions on your own, or wish to defer such decisions to that party. There are two types of LPA:
LPA for final decisions
This type of LPA can be utilised even while an individual retains mental competency, to make choices on their own accord. Common uses for a financial LPA are to give someone authority to act on your behalf in such matters as:
- Property purchases or sales
- Making payments such as home mortgage or other bills
- Authorisation to make property repairs or updates
- Selecting and making investment decisions
LPA for decisions related to health care
In the event an individual has lost mental capacity, an attorney can be granted the authority to make decisions concerning: Living arrangements.