Understanding the Difference between Lasting and Enduring Power of Attorney, A power of attorney is a legal document that gives someone else the authority to act on your behalf, in case you are unable to make decisions for yourself. There are two types of power of attorney - lasting and enduring. Understanding the difference between the two can help you make informed decisions about who you want to appoint as your attorney.
Lasting Power of Attorney (LPA)
A Lasting Power of Attorney (LPA) is a legal document that allows someone to make decisions on your behalf if you lose mental capacity. It comes into effect only if you lose mental capacity, and can no longer make decisions for yourself. The person you appoint as your attorney can make decisions on your behalf about your property, finances, and personal welfare.
Enduring Power of Attorney (EPA)
An Enduring Power of Attorney (EPA) is a legal document that allows someone to make decisions on your behalf, even if you lose mental capacity. Unlike an LPA, an EPA can come into effect before you lose mental capacity. The person you appoint as your attorney can make decisions on your behalf about your property, finances, and personal welfare.
Difference between Lasting and Enduring Power of Attorney
The main difference between Lasting and Enduring Power of Attorney lies in when they come into effect. A Lasting Power of Attorney comes into effect only if you lose mental capacity, while an Enduring Power of Attorney can come into effect before you lose mental capacity.
Another difference between Lasting and Enduring Power of Attorney is their validity. An EPA was valid before the introduction of LPAs, but since the introduction of LPAs, EPA's are no longer valid. In contrast, LPAs are still valid and widely used.
How to Choose between Lasting and Enduring Power of Attorney
Choosing between Lasting and Enduring Power of Attorney depends on your specific needs and circumstances. Here are a few factors you should consider when making your decision:
If you have concerns about losing mental capacity in the future, a Lasting Power of Attorney may be the best option for you.
If you want to appoint someone to make decisions on your behalf while you still have mental capacity, an Enduring Power of Attorney may be the right choice for you.
It's important to choose someone you trust to act as your attorney. This person should have a good understanding of your values and wishes, and should be willing to act in your best interests.
Frequently Asked Questions (FAQs)
1. What is the purpose of a power of attorney?
A power of attorney is a legal document that gives someone else the authority to act on your behalf. It's often used in case you lose mental capacity and can no longer make decisions for yourself.
2. Who can be appointed as an attorney under a power of attorney?
You can appoint anyone over the age of 18 as your attorney, as long as they are willing to act on your behalf. This person should be someone you trust, and should have a good understanding of your values and wishes.
3. Can I revoke a power of attorney?
Yes, you can revoke a power of attorney at any time, as long as you still have mental capacity. You can do this by destroying the original document, or by completing a revocation form.
Conclusion:
In conclusion, it is crucial to understand the difference between Lasting and Enduring Power of Attorney. A Lasting Power of Attorney comes into effect only if you lose mental capacity, while an Enduring Power of Attorney can come into effect even before you lose mental capacity. Both types of power of attorney give someone else the authority to act on your behalf, but it's important to choose the right type for your specific needs and circumstances.
It's equally important to choose someone you trust to act as your attorney and make decisions in your best interests. Understanding the "difference between lasting and enduring power of attorney" can help you make informed decisions about your future and ensure that your wishes are carried out if you are unable to make decisions for yourself.