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 permanently).
LPAs replace Enduring Powers of Attorney (EPAs), although EPAs which were executed before 1 October 2007 are still effective. As a result there are two regimes which run side-by-side and we 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 the other appointing a professional colleague or solicitor for their business affairs. This requires some careful drafting to ensure that they do not overlap in their scope.
Clients may also 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 going abroad, or if you require someone else to deal with your affairs in general. General powers of attorney do not continue to operate if you lose capacity to manage your own affairs.
Trustees can also delegate their functions by means of a special trustee power of attorney.
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