Q. My children have suggested that I should make Lasting Powers of Attorney to appoint them as attorneys.  Does this mean I give up the right to manage my affairs?

A. Lasting Power of Attorney (LPA) is a legal document that you can put in place to appoint attorneys to make decisions for you if you lose the mental capacity to make decisions in the future. LPAs may be considered as part of your later life planning to ensure that if this should happen, you have persons whom you trust appointed to make decisions for you either about your financial affairs or your personal welfare and medical treatment. By signing an LPA you are not giving up the right to deal with your own affairs.An LPA is a document that you must make personally to appoint attorneys and you must have the mental capacity to fully understand the nature of the powers you are giving to your attorneys and to sign the document.However, it is important to bear in mind that in making LPAs you are giving attorneys wide powers to make decisions on your behalf about your property and affairs and/or your health and welfare which may be open to abuse. It is therefore strongly recommended that you seek legal advice before entering into any arrangements to ensure they meet your needs and will be suitable for your individual circumstances.[button_shortcode button_url="https://www.hegarty.co.uk/personal-advice/wills-trusts-probate/" button_text="Contact us today for advice and support"]