Lasting Powers of Attorney (LPAs) are an effective way of dealing with your affairs should you suffer major illness, become mentally ill or in any way lose the capacity to manage your own affairs (whether temporarily or on a permanent basis). LPAs replace, to a great extent, Enduring Powers of Attorney (EPAs), although EPAs which have been executed before 1 October 2007 are still effective. As a result there are two regimes which run side-by-side and we have the expertise to advise on them both. Some people, particularly business owners, decide to have two LPAs running along side each other – one appointing a family member for their personal affairs and one appointing a professional colleague or solicitor for their business affairs. This does require some careful drafting to ensure that they do not ‘clash’ with each other and we are comfortable advising clients on what to do in this scenario. Our clients often wish to consider the use of a general power of attorney. This is a document by which you can appoint someone to deal with a specific transaction on your behalf, for example if you are abroad for a period of time, or if you require someone else to deal with your affairs in general. They do not continue in the event that you lose capacity to manage your own affairs. Trustees can delegate their functions by means of a special form of trustee power of attorney.
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