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Lasting Power of Attorney

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LASTING POWER OF ATTORNEY

A Power of Attorney is a powerful legal document which allows an individual (Donor) to appoint a person of their own choice (an Attorney), to look after their affairs should they no longer wish to make decisions or, lack the capacity to manage their affairs themselves.

No doubt you care enough about your loved ones to make a Will, which makes it easier when you’ve gone, but you still need to make plans for the unexpected while you are still alive. A Power of Attorney will ease the burden on your loved ones should you lose the ability to make decisions in the future.

 

An estimated 700,000 people have dementia – including 1 in 5 over the age of 80. Brain injuries or mental health problems also render others incapable of making their own decisions, so it is important to put arrangements in place early, so if that day comes, someone we trust and who loves us can make those important decisions on our behalf. (Source – Saga).

 

Lasting Power of Attorney for Property & Financial Affairs – This allows the persons appointed (The Attorneys) to make decisions about paying bills, dealing with banks and investments, arranging and collecting benefits and even selling property, on behalf of the Donor.

Lasting Power of attorney for Health and Welfare – This allows the Attorney(s) to make decisions for the Donor such as, care issues, where the donor lives, and, where the donor wishes, giving or refusing consent to life sustaining treatment.

 

WITH NO LPA IN PLACE

You may have had discussions with loved ones about your wishes should the unthinkable happen, commonly life sustaining treatment, medication and long term care. Without an LPA in place those wishes may be irrelevant, a doctor or the Local Authority will decide on your behalf.

You could become mentally incapable as the result of an accident, illness or old age. Without an LPA in place the only way your financial affairs can be managed is by an application being made to the Court of Protection for a Deputyship order.

 

DEPUTYSHIP ORDER

If there is no LPA in place the Court of Protection will decide who looks after your affairs. This is not always the person you would have chosen.

The deputyship order can take a long time to obtain, 3 – 10 months depending on the complexity of the case.

Regardless of the financial burden on your loved ones by having your assets frozen during this period, a Deputyship Order can be very expensive and include annual fees. It’s not uncommon to exceed £3000 in court and solicitor’s fees.

A further £500 annual fee is also payable.

The Deputy must report to the court/OPG at all times and may have to submit annual accounts for Court approval and receive periodical visits by a Court Visitor.

A Deputy must account for every penny spent and any requests for money must be made to the Court in writing.

Our Fee for a Lasting Power of Attorney is £360 per document.

Speak to your paralegal to find out how we can offer you peace of mind and save up to 50% off.

 


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