The need for people to have a Lasting Power of Attorney (LPA) is growing each year. In June, world champion Formula One driver Sir Jackie Stewart announced that his wife Lady Helen Stewart is suffering from dementia. Whilst he believes it is too late to help Lady Helen, he has launched a charity named Race Against Dementia to seek a cure for dementia sufferers in the future. According to the Alzheimer’s Society, 225,000 Britons each year are diagnosed with the condition, highlighting the growing importance of a Lasting Power of Attorney.

There are two types of LPA that currently exist, the first of which is a ‘Health and Welfare’ LPA. This type of LPA can only be used in situations where the donor does not have the mental capacity or the ability to make decisions for themselves. There is some flexibility as to the extent of the powers the LPA can grant – the appointed attorneys can only make specific decisions if you outline it to be so, for example making judgements such as daily routine and diet, right through to moving into supported care or agreeing to lifesaving medical treatment.

As well as the Health and Welfare LPA, there is also the ‘Property and Financial Affairs’ LPA which, as the name suggests, links directly to the personal property and money of the donor, and what the attorney can do with it. A Property and Financial Affairs LPA can be used immediately upon registration; there is no requirement for the lack of mental capacity. Many people opt to make both types of LPA though there is no necessity to do so.

The Fry Group has extensive experience helping people to choose and set up the right LPA. For more information please get in touch with Steve Wright on +44 (0)1903 231545.

This entry was posted on Tuesday, 23rd August 2016 at 10:44 am and is filed under Estate Planning, News. You can follow any responses to this entry through the RSS 2.0 feed.

Tags: Planning