Lowes Retirement Guide

3 Get a Lasting Power of Attorney (LPA)

Another important legal document to consider when you retire, if you haven’t done so already, is a Lasting Power of Attorney. This gives someone you trust the authority to handle your affairs, should you lose mental capacity in the future.

There are two types of Lasting Power of Attorney (LPA). One type covers your financial affairs, including paying bills and making investment decisions. The other type of LPA is for health and care decisions. This might cover where you live, any medical care you need to receive and even life saving treatment, should you give special permission to cover this. It is important to note that the person, or people, you trust (who is called an ‘attorney’/’attorneys’ under a LPA) will make these decisions on your behalf only if you are no longer able to make them for yourself.

This loss of mental capacity is carefully considered before a LPA is activated and there are various safeguards in place to protect your interests. It is considered good practise to put in place at least a financial affairs Lasting Power of Attorney, and ideally both types. Importantly, these legal documents need to be put in place before they are needed. In order to delegate financial or health decisions once mental capacity has been lost, an expensive and lengthy court application is needed instead.

To make, register or end a LPA, visit: gov.uk/power-of attorney , talk to Lowes on 0191 281 8811 , or to your solicitor.