Both a Lasting Power of Attorney and an Enduring Power of Attorney will give assurance that your affairs will be in the hands of someone trusted should you be unable to manage them at some time in the future. Here we will look at the differences between the two powers.
Enduring Power of Attorney
An Enduring Power of Attorney, EPA, is a legal document which authorises attorneys to handle property and financial matters in the event that the donor loses mental capacity required to deal with their affairs. Although if you have made an EPA it can still be effective, these have been replaced by Lasting Powers of Attorney. One difference between the two is that the former can only be used if the individual concerned has lost the mental capacity to manage affairs.
Lasting Power of Attorney
The Lasting Power of Attorney, LPA, replaced EPAs in 2007. The main change was that as well as covering financial and property matters, they can also cover health and welfare through a separate deed. A lasting power of attorney lets you appoint one or more individuals to help make decisions or to make decisions on your behalf.
Individuals can make just one or both kinds of LPAs and appoint different attorneys for either. It is advisable to appoint at least two attorneys in case for some reason one cannot take up their position. You will also need to decide whether they act jointly or individually.
Power Of Attorney Online
Individuals can search for a power of attorney online at sites such as https://powerofattorneyonline. One of the advantages of an LPA is that you can specify that major decisions can be made jointly, whilst one attorney deals with issues such as your bills. You can also specify that the financial and property powers can be exercised whilst you have mental capacity, if you need help with banking for example and there is no local branch accessible.
However, a health and welfare LPA can only be implemented if you can no longer make decisions due to mental impairment.