On 1st October 2007 Lasting Power of Attorney replaced the existing Enduring Power of Attorney. Whilst Enduring Powers of Attorney made prior to 1st October 2007 remain effective, new powers come within the provision of the Mental Capacity Act 2005. Lasting Powers of Attorney can be made to deal with property and affairs and to deal with personal welfare issues.
Much concern has been expressed in relation to the cost of setting up a Lasting Power of Attorney compared with its predecessor but the cost of application to the Court of Protection could far outweigh those costs should incapacity occur and no prior provision has been made.
Everyone therefore should consider putting in place a Lasting Power of Attorney particularly when making a will, or when taking out a critical illness policy or prior to undergoing medical treatment. It is still possible to make an advance medical decision, often described as a living will, but it is important to take specialist advice on these areas.
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