Lasting Power of Attorney

Why should I have a Lasting Power of Attorney?

Health conditions such as Alzheimer's or dementia, Parkinson’s disease, or even a stroke can cause making everyday decisions become virtually impossible.

If you lose mental capacity without an LPA, it can cost your family a lot time and money to be given permission to handle your affairs.

Without an LPA, joint bank accounts you hold with your partner could become severely restricted.

This can be devastating, especially if the joint owner has their income or pension paid into this account, or they use it to pay critical bills such as a mortgage or utilities.

There are two types of LPA, Property & Financial Affairs and Health & Welfare. You can have one or both. You can also choose the same attorney/s for both, or a relative for health and an accountant for financial.

A Property & Financial Affairs LPA covers:

• Property Transactions

• Repayment of Loans

• Investments

• Paying Utilities

• Property Maintenance

Whereas a Health & Welfare LPA covers:

• Residence

• Medical Treatment

• Nutrition Requirements

• Social Activities

• Family Contact

Did you know...

If you lose mental capacity without a lasting power of attorney in place, you cannot renegotiate mortgage terms or sort out loan repayments or deal with credit cards.