Lasting Power of Attorney

   LPA


Lasting Power of Attorneys (LPAs) are increasingly becoming necessary to protect the interests of our elderly loved ones. With people living longer than ever before, it’s no surprise that age related conditions such as Alzheimers and Dementia, are becoming more common.

Who will look after your best interests if you no longer have the mental capacity to manage your own affairs?  

It’s not just the elderly who need a Lasting Power of Attorney in place. If your occupation or a hobby puts you at greater risk of receiving a head or spinal injury, you should seriously consider arranging a LPA.

 

Why do I need a Lasting Power of Attorney?

Whilst you are considered mentally competent, you remain in full control of your own affairs. Should you pass away, the Executors/Trustees of your Will take over managing your affairs. But what happens if you’re still alive but no longer have the mental capacity to deal with your affairs? You’re unable to act. Your Executors and Trustees can’t act for you. So your affairs are left in limbo or the state, via the office of the public guardian, makes decisions on your behalf. Those decisions might not be what you, or your family, want to happen.

A Lasting Power of Attorney is peace of mind for you, and your family, that your affairs will be looked after should you become too ill to look after them yourself.

What is a Lasting Power of Attorney?

There are actually two different types of LPA.

  • Property and Financial Affairs Lasting Power of Attorney.

   This allows you to choose one or more persons to make property and financial decisions for you. This could include decisions about paying bills or selling your home.

  • The Health and Welfare Lasting Power of Attorney;

  This allows you to choose people to make decisions regarding medical treatment, living and social arrangements, even what you eat on a day to day basis. A Health and Welfare Lasting Power of Attorney can only be used if you lack the ability to make decisions for yourself and are unlikely to sufficiently recover, within a reasonable amount of time, to be able to make decisions yourself.

A Lasting Power of Attorney can be set up at any time provided that you have the ‘mental capacity’ to make an informed decision based on the information you receive. You can include a condition that prevents the Attorney from making any decisions until you lose the ability to do so yourself.

What happens if I don’t set up a Lasting Power of Attorney?

There are alternatives, however, these can be costly and time consuming to put into place.

If you lose mental capacity without a Lasting Power of Attorney in place, your family can set up a ‘deputyship’. This is processed through the Courts and can be difficult to arrange as they have to consider what is in your best interests. The cost of arranging Property & Affairs, and Personal Welfare deputyships can cost in excess of £3000, with additional yearly fees. They usually take around 28 weeks to set up although this can be reduced in certain circumstances (and at an additional fee).

If you have no income or assets and rely on state benefits, an ‘Appointeeship’ can be arranged.

How much does it cost to set up a Lasting Power of Attorney?

Saxon Wills and Estate Planning can provide both Property & Affairs, and Health & Welfare Lasting Powers of Attorney for £200. A £150 registration fee is payable on each LPA to the office of public guardian. Registration can take up to ten weeks.

Can you and your family afford to not have a Lasting Power of Attorney in place?

Contact us today to ensure your affairs are protected in the future.

There is the option of setting up an “Appointeeship” this is only for dealing with state benefits where there is no other income or assets.

We can provide both Property & Affairs and Health & Welfare Lasting Lasting Powers of attorney for £200 plus £150 registration fee each LPA paid to office of public guardian for each Lasting Power you do not have to register straight away but it is preferable. It may take up to 10 weeks to register.

 Can you and your family afford to not have a Lasting Power of Attorney in place?

Contact us today to ensure your affairs are protected in the future.