Planning For Your Future: A Guide To Lasting Power Of Attorney
Planning For Your Future: A Guide To Lasting Power Of Attorney
Lasting Power of Attorney – We all know that we should write a will, but it is also important that we should consider a lasting power of attorney.
Handling your financial affairs becomes virtually impossible – which is why we recommend everyone plans ahead to ease the burden on their family and have an LPA.
An LPA gives another individual the legal authority to look after specific aspects of your financial affairs or health and welfare decisions should you lose the capacity to do so yourself.
While you may think this is just for the elderly, it can apply to younger people who have had an accident or severe illness. You should consider having one alongside your will.
Did you know? – Without an LPA, relatives may face long delays, a lot of unnecessary stress and a huge amount of expense to apply to the Court of Protection to get access and take control of your assets and finances. Banks, care homes and local authorities as well as tax, benefits and pension authorities recognise appointed attorneys using a valid LPA on behalf of a loved one.
By 2025, more than one
million people in the UK
will have dementia
(According to the Alzheimer’s Society)
Of the 30% of people in
the UK who have a will,
only 12%
have a lasting
power of attorney
1 in 5
people over 85 already
suffer from dementia
The 2 types of LPA you need to understand:
Property and Financial Affairs Lasting Power of Attorney
Health and Welfare Lasting Power of Attorney
You can choose anyone you trust as your attorney as long as they are over 18, not bankrupt and they are willing to take on this role.
In summary – Their duty is to make all decisions in your best interests and they must follow certain principles set out in the Mental Capacity Act. These are aimed at making sure you are encouraged to make your own decisions where possible. To protect your interests, an LPA must be signed by a certificate provider – a solicitor or someone else of your choosing who can certify that you understand the LPA and have not been pressured into signing it.
To protect your interests, an LPA must be signed by a certificate provider – a solicitor or someone else of your choosing who can certify that you understand the LPA and have not been pressured into signing it.
It can take up to three months to register the document with the Office of Public Guardian and their registration fee costs £92 for each per LPA submitted to the OPG for registration.
Anyone receiving certain means-tested benefits can obtain an exemption from this fee and anyone who can prove that they have gross income of less than £12,000, can obtain a remission of 50% of the OPG fee.
