A guide to power of attorney: The basic types

Have you ever heard about the long term care annuities and power of attorney? Do you want to know about the latter one in detail? Do you want to know the basic types for the same? If the answers to these questions are positive, you are just in the perfect place at the perfect time.

The trend of taking the power of attorney and long term care advice from the professionals is increasing big time because of its long list of benefits. Before you take any decisions about it, you should know about it in detail.

The things like long term care and power of attorney are the ones which take up a lot of time and efforts to understand before taking the final decision. The Power of Attorney is a legal document given by one person to another to let him take the financial and health care decisions on his behalf. You can give it to the person whom you trust cent percent. So, let us have a look at the basic understanding of the types of the power of attorney; the basic two types are general and lasting.

• General Power of Attorney

This one is to give the decision making power on the temporary basis; for example if you are planning to go abroad, you can give it to a close friend or a family member and it will not be valid once you come back. If you lose your mental capacity after giving it, it gets cancelled. Your family members then apply to the court of protection so that they can appoint a deputy.

• Lasting Power of Attorney

This one is to appoint a person who can make decisions on your behalf about your health and welfare as well as finances in the future whenever you loose your mental capacity. This is also known as a LPA. There are two types of LPAs:

• Personal welfare LPA:

It deals with your personal care and accommodation. In addition to that, it is about the medical treatments or therapies that you need.

• Property & Financial affairs LPA:

It lets you make decisions about the financial matters like opening and closing of bank accounts, paying household expenses, buying or selling properties and paying for private medical care, to name a few.

Now that you know the basic types, it is advisable for you to get to know about them in detail so that you can take the right decisions. Good luck for that!