LASTING POWERS OF ATTORNEY
Why is an L.P.A.Necessary?
With a Lasting Power of Attorney in place you can have the assurance that a trustworthy person will be looking after your affairs if you become unable to do so. For example, in cases of illness, old age or a life-altering accident. An L.P.A. gives your chosen attorney(s) legal authority to manage your finances and property or make pressing decisions regarding your health and general welfare. It can be as specific as you like can include binding instructions. An L.P.A should be carefully thought over to ensure it reflects and articulates well your wishes, giving you "peace of mind" that important matters would be taken care of properly.
It is to be noted that your next of kin has no automatic legal right to handle their spouse’s affairs without a Lasting Power of Attorney in place, so having to make decisions on their behalf can become lengthy and much more expensive process.
Couples can have ‘Mirror’, or identical, Lasting Powers of Attorneys. These documents would allow them to assign each other to make decisions about each other’s financial affairs and health issues; should it become necessary.
Need more information or Help? Call 0330 330 5813
What Can Happen Without a Lasting Power
of Attorney in Place?
Without Lasting Power of Attorney (LPA), there is no one with the automatic legal authority to manage your affairs that would otherwise enable them, for example, to access bank accounts or sell your property on your behalf. Many people assume that their spouse or children will be able to handle things but the reality is quite different.
In that situation, a person would need to apply to the Court of Protection and the Court will decide on the person who is to be appointed to manage your affairs (called a "Deputy"). This type of appointment is very different. It is much more involved and expensive.
You are strongly advised to consider getting a L.P.A put in place for the future. This gives you and your family and friends "peace of mind" that a chosen individual will be able to care you for you and your affairs in an relatively easy and inexpensive way. Need more information or Help? Call 0330 330 5813.
Types of Lasting Power of Attorney
There are two types of L.P.A available under English law:
Health and Welfare Lasting Power of Attorney
Property and Financial Affairs Lasting Power of Attorney
A Health and Welfare L.P.A. involves naming Attorneys to make decisions about your healthcare, medical treatment and living arrangements if you become unable to make those decisions yourself. This document will only come into effect if you lack the mental capacity to make decisions for yourself.
If you can no longer articulate your preferences, it could result in circumstances not to your liking. For example, being placed in a care home when you may have chosen to stay in your own home, or receiving medical treatment that you would have ordinarily refused. These are the type of situations where your Attorney would step in to fulfill your wishes.
A Property and Financial Affairs L.P.A. allows you to name one or more attorneys to deal with your property and financial assets in England and Wales. The Property and Financial Affairs L.P.A. document can be used more widely. Although it can be restricted to use only if you were to lose mental capacity, it can also be used if you suffer from illness, have mobility issues, or if you spend time outside the UK.
This document also be a protection for Sole Traders and SME Business Owners, such as in the event of an accident or illness. An L.P.A can ensure there is someone in place to handle your business affairs and make decisions on your behalf.
Lasting Power of Attorney for Dementia and Alzheimer's Sufferers
Because Dementia and Alzheimer's are progressive illnesses it is strongly recommended to plan ahead. For this reason it is a good idea to consider the clear advantages of having an LPA in place.
Having an LPA in place provides the Dementia or Alzheimer's sufferer security while at the same time being able to continue to have control over as much of his or her lifestyle and financial affairs as is possible.
Setting up the Lasting Power of Attorney also takes into account the reality that there will come a time in the future when symptoms mean the sufferer is unable to manage his or her life or give consent.
LPAs for Sole Traders & SME Business Owners
What would happen to your business if you lost the ability to deal with your own business affairs and make decisions?
What if you have a business bank account in your name as a sole trader or joint bank accounts with other business owners which require the signatures of all the named account holders?
How would your business finances be managed on a daily basis in the event of an accident or illness?
A number of problems could arise such as the impact on your customers being unable to access your products or staff or creditors not being paid.
Having a Lasting Power of Attorney could mean the difference between your business continuing or going out of business.
Health and Welfare Lasting Power of Attorney
Property and Financial Affairs Lasting Power of Attorney: From £600 +vat + OPG Fee*
Property Protection Trusts: From £400+vat + Disbursements
Single Will: From £200+vat
Mirror Wills: From £350+vat
Home Visit: From £100+vat
Probate: 1-2% of Gross Estate
Hourly Rate: £100-200 Depending on Legal Experience.
Fixed fees can be agreed upon in certain circumstances.
*Lasting Power of Attorney OPG Application Fees
Before a Lasting Power of Attorney can be used by your attorney it must be registered with The Office of the Public Guardian (OPG). They charge a registration fee of £82 per Lasting Power of Attorney. If you would like us to register your LPA for you then we will ask you to provide this payment.
The fixed fee Lasting Power of Attorney does not include The Office of the Public Guardian registration fee, nor their fee for a certified copy of a Lasting Power of Attorney which is currently £35.
Need more information or Help? Call Free 0330 330 5813 or 0151 632 5813
Contact John Salmon on Tel: 0330 330 5813 or Email for further assistance at email@example.com