The Lasting Power of Attorney (LPA) is an authority for a person or persons (the “Attorney(s)”) to act on behalf of the person giving the authority (the “Donor”). There are two types of LPA: one for financial affairs and the other for personal welfare.
Property and Financial Affairs LPA – empowers the Attorney(s) to look after the financial and/or business affairs of the Donor. The Attorney can use the Donor’s money to pay bills, buy and sell shares, and even sell the Donor’s house. He/she has limited power to make gifts with the Donor’s money or give away the Donor’s belongings. It does not cover matters such as whether or not medical treatment should be given or withheld or creating a new Will for the Donor.
Personal Welfare LPA – empowers the Attorney(s) to make decisions such as where the donor lives and whether or not medical treatment should be given or withheld.