What is the difference between a POA and LPA?

A Lasting Power of Attorney (LPA) and a Power of Attorney (POA) differ primarily in capacity and duration. POA is temporary and used for financial matters while you still have mental capacity. LPA differs from POA in that they remain in place even if you have lost mental capacity. There are 2 separate LPAs, financial and health & wellbeing. LPAs must be registered and are mandatory for future incapacity planning.

Can I give away savings to get below the limit?

You are not allowed to give away savings to get below the funding bands. This is called "Deprivation of Assets", and this is illegal.

Why do I need an LPA?

You need an LPA for a number of reasons: An LPA will help protect your assets and health. Should you lose mental capacity through an accident or sudden illness, without an LPA in place, no one, not even your children or spouse, will have the legal right to manage your bank accounts, pay bills or make medical/care decisions. An LPA will also prevent the stressful and costly legal process in the Court of Protection to rectify this situation. An LPA also allows you to choose someone you trust to take care of your financial and health decisions should you lose mental capacity. It allows you to have a voice in these decisions and does not leave them to the courts, doctors, and social services. An LPA allows you to plan ahead. Accidents and illness can occur at any age, so an LPA is a sensible planning tool. You must have the mental capacity to create an LPA, so planning ahead is crucial.

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