What is Living Power Attorney?
A Living Power Attorney (LPA) is a legal document in which you entrust and empower a person to decide and make decisions for you or act on your behalf, subject to the terms and conditions you may prescribe in the LPA.
LPA is widely used as one of the tools in wealth planning, in particular, to plan ahead if you are incapacitated in future and prevent you from making all the important decisions.
Notwithstanding the above, the appointed attorney owes you the fiduciary duties in undertaking the tasks and responsibilities under the LPA. As such, the appointed attorney could be sued for breaches of any terms and conditions in the LPA.
We offer two types of LPA; an LPA for Personal Care and Welfare , and an LPA for Business Administration and Management.
LPA for Personal Care and Welfare
Lasting Power Attorney?
If you need someone to make decisions about your health and welfare, having an enduring LPA ensures that your best interests are being looked after.
Injury or illness can affect any of us, and if you’re suddenly unable to make decisions about your health and welfare, such as where you live, whom you live with, and the healthcare treatment you receive, an LPA for Personal Care and Welfare is a legal document naming whom you trust to make the big decisions on your behalf when you no longer can.
Lasting Power Attorney?
An LPA for Business Administration and Management allows you to authorize someone to run and manage the day-to-day operations of your company in your absence. The range of activities which the said attorney is authorized under LPA for Business Administration and Management includes buying and selling company assets, dealing with banks and managing company bank accounts, attending company meetings and voting, attending company management meetings and making decisions, and such other matter(s) as you may decide in relations to company’s administration and management.
Within the LPA for Business Administration and Management, you can also specify or limit the powers of your attorney, which is very important for managing your business smoothly and securely.