There are two types of Lasting Power of Attorney:-
- Property and Financial Affairs – This Power of Attorney allows a person to choose someone to make decisions about how their property and financial affairs are managed.
- Health and Welfare – This Power of Attorney allows a person to choose someone to make decisions about where the donor will live, how they are cared for and what healthcare they receive. This can include specific decisions about treatments or more general decisions.
A LPA has no legal standing until it is registered with the Office of the Public Guardian. If you do not have an LPA, then if for any reason you suddenly become unable to manage your own affairs then the only way that your financial affairs can be managed is by an application (by a relative or other person close to you) to the Court of Protection. This can take up to 10 months and cost up to £1,000 (or even more) to process, during which time your finances could be seriously damaged. Also the person authorised to handle your affairs on your behalf may not be who you would have chosen, and may even be a Court Official who can (and will) charge every time he/she acts for you.
A registration fee of £110.00 is also payable.