If you’re married or in a civil partnership, you may have assumed that your spouse would automatically be able to deal with your bank accounts and pensions, and make decisions about your healthcare, if you lose the ability to do so. This is not the case. Without a Lasting Power of Attorney (LPA), they won’t have the authority.
The difference between the types of power of attorney are what they cover – financial or health and welfare. The options available depend on where you live.
England & Wales
Clients can have one or both types of LPA
A property and financial LPA
Allows someone to manage all financial affairs, for example control and managing bank and savings accounts, tax affairs, and buying and selling investments or property.
Health and Welfare LPA
Allows someone to make decisions about health, care and welfare for example, what medical treatment is given or whether a care home is an option.
Again there are two types of LPA
A Continuing Power of Attorney allows control of financial affairs and Welfare Power of Attorney manages care and welfare.
Has only an Enduring Power of Attorney that allows management of financial affairs, there is no provision for decision making in respect of health and welfare.