Everyone should have a Lasting Power of Attorney
A Lasting Power of Attorney is a vital document which allows you to prepare for the future and ensure that your loved ones will take over your affairs if you lose capacity. They allow you to choose the people who will take over your affairs when you are unable to and means the court will not appoint someone you don’t know and who doesn’t know your wishes. Costly fees are avoided and you have complete peace of mind.
An LPA forms a critical part of our advice. Tradesmen or higher risk workers should definitely consider one especially if married with young children. For the older generation it is doubly imperative. You can’t make one if you have lost capacity.
There are two types of Lasting Power of Attorney
What will happen if you do not make provision for a Lasting Power of Attorney?
A long delay
This process can take many months with bank accounts frozen including joint accounts so no bills can be paid
Very significant costs
A minimum fee of £400 plus £100 per deputy appointed per LPA is payable. If it needs to go to Court then there is a minimum fee of £500 per LPA let alone legal costs in representing your interests. Once this has been sorted there are ongoing Deputy annual fees of currently £325.00. These may be reduced in certain circumstances or the estate is less than £21,000. Plus, for a person to be a Property and Financial Affairs Deputyship you will need to prove to the Court no money will be mismanaged for the person who no longer has capacity by way of the Deputy paying a Bond fee to be decided by the Court. It makes good financial sense to have an LPA sorted before the event NOT after.
Loss of Control
If you have no LPA in place, a Judge will make the final decision as to who will be appointed to handle your affairs. This person is called a Deputy. Your family will have no choice but to go through this official whom they will not know. This will add needless stress for them.
What is the Court of Protection?
The Court of Protection is there to safeguard the interests of those who are vulnerable, lack capacity and can no longer make important decisions for themselves.
The only way to ensure that your loved ones will care for you and make decisions on your behalf is to ensure you have both Lasting Powers of Attorney are in place. Speak to us today.