Lasting Power of Attorney

September 01, 2021

Personal and Business LPAs

A lasting power of attorney (LPA) is a legal document where you (donor) can appoint one or more people (attorneys) to help you make decisions or to make decisions for you if you have an accident,  illness and cannot make your own decisions (lack mental capacity)

LPAs are only valid until you die. The terms of your Last Will & Testament will take over on your death.

LPAs and what they can be used for vary throughout the world but everyone should consider how their lives and businesses would continue should the unexpected (or expected) happen.

Usually, personal and business LPAs are made separately because personal and business attorneys are likely to be different. Likewise, financial and healthcare matters carry very different responsibilities and are made separately. You may want different people to handle different aspects of your life or business.

You can specify whether your attorneys can make decisions whilst you have capacity or only when you lose it. This allows for periods where you have mental capacity but are physically incapable of acting for yourself, such as being disabled.

  1. Business Example: You are the sole owner or director of your business. You have an accident and are in a coma, which may be long term. How would your business function if no-one had the legal authority to carry out financial activities or deal with the day to day running of the company? Who would deal with suppliers, the bank, pay salaries, write cheques, pay bills, collect debts and so on?
  2. Personal Example: Your spouse/partner has always handled the finances. They pass away and you are left with having to run the home completely. You have no understanding of what’s involved and feel you cannot cope. The bills are put to one side and companies will not deal with anyone on your behalf because they do not have an LPA in place.

With some thought and the appropriate LPAs, these situations can be avoided and your business and life would continue, wherever you reside.

In most countries, LPAs made overseas are valid.  For example, a British national, living abroad.  The world is getting smaller, many people live or retire abroad, finances are more complicated and healthcare is a concern BUT, with the right procedures, we also have more control.

For free advice to help you make the right decisions, please contact us

  +44 7939 578 631

Excelsior World