What is the difference between Enduring Powers of Attorney and Lasting Powers of Attorney?
A Power of Attorney gives you the ability to appoint someone you trust to handle your affairs should you become unable to do so yourself.
For many people, registering a Power of Attorney can seem like something they will only need to consider later in life. Yet we should all have a Power of Attorney in place just in case something unexpected happens.
In our latest article, the our specialist Power of Attorney solicitors take a look at the difference between an Enduring Power of Attorney and a Lasting Power of Attorney.
If you’d like to speak with a member of our expert team to discuss your estate planning needs, call us direct on 01282 695400.
What is an Enduring Power of Attorney?
Before 2007, anyone seeking to appoint someone to handle their affairs (known as an attorney) would make an Enduring Power of Attorney (EPA).
The process was relatively simple – you and your chosen attorney would both need to sign a short form. If you were to lose capacity, your attorney would then register the EPA with the courts allowing them to act on your behalf.
Your attorney could also act on your behalf at any point before registration whilst you still had capacity. The EPA would only need to be registered once you had lost capacity.
However, numerous changes were made to Powers of Attorney in 2007 after the Mental Capacity Act was introduced.
If you do have an Enduring Power of Attorney that was registered before the change in law in 2007, it will remain legally valid and can still be used.
The introduction of Lasting Powers of Attorney
In 2007, Lasting Powers of Attorney (LPAs) were introduced to replace Enduring Powers of Attorney. Lasting Powers of Attorney were introduced to offer more protection to the person appointing an attorney and fall into 2 categories: Property and Finance LPA and Health and Welfare LPA.
You can read more about the types of LPA here.
How do you make a Lasting Power of Attorney?
To appoint an attorney, you will now need someone to confirm that you have mental capacity to make the LPA and you are not being pressured or forced into it. This would need to be confirmed by a solicitor, doctor or someone who is not related to you but has known you for more than 2 years.
Unlike EPAs, an LPA must be registered with the courts before it can be used. Once it has been registered, a number of people will be notified to ensure your attorney is acting in your best interests.
Future Planning Solutions: Experts on your side
To find out more about how a Lasting Power of Attorney can benefit you, get in touch with our dedicated team.
Our legal experts will talk you through the process and offer any advice you or your attorney need on what is ahead.
To talk to one of our specialist solicitors today, call us on 01282 695 400.
Or, if you’d prefer us to call you back, you can complete our quick online contact form.
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