Lasting Power of Attorney..
What happens if you are unable to make decisions for yourself?
If you found yourself unable to make decisions independently, whom would you trust more to manage your affairs – your family or a stranger from the Local Authority? If your preference leans towards your family, then it becomes crucial to establish Lasting Powers of Attorney (LPAs).
A Lasting Power of Attorney serves as a potent legal instrument, empowering you to designate trusted individuals (referred to as Attorneys) to act on your behalf in the event of mental or physical incapacity. It is essential that your LPA accurately reflects your wishes and requirements.
A Lasting Power of Attorney for Property & Financial Affairs enables the appointed individuals (known as Attorneys) to make decisions regarding bill payments, managing bank accounts and investments, handling benefits arrangements, and even executing property sales on behalf of the Donor.
On the other hand, a Lasting Power of Attorney for Health and Welfare authorises your Attorney(s) to make decisions concerning the Donor’s care, place of residence, and, if specified by the Donor, providing or withholding consent for life-sustaining treatment.
Once you’ve developed a medical condition leading to mental incapacity, it’s too late to establish an LPA. Mental incapacity can also result from accidents or advancing age. Without an LPA, the only recourse for managing your financial affairs is to petition the Court of Protection for a Deputyship Order.
Perhaps you’ve engaged in conversations with your loved ones, discussing your preferences in the event of unforeseen circumstances, such as decisions regarding life-sustaining treatment, medication, and long-term care. However, without a Lasting Power of Attorney (LPA) in place, these discussions may hold little sway. In such a scenario, it would be up to a doctor or the Local Authority to make decisions on your behalf.
Furthermore, the absence of an LPA could result in the freezing of your bank accounts and investments. This means that even if you have joint accounts, they could still be subject to freezing. Additionally, standing orders and direct debits set up to pay bills in your name might also be halted. These consequences highlight the importance of establishing an LPA to ensure that your wishes are respected and that your affairs are managed according to your preferences, even in unforeseen circumstances.
If there isn’t an LPA in place, the Court of Protection will determine who manages your affairs. However, this decision may not align with your preferences. Securing a Deputyship Order through the court can be a lengthy process, often taking up to 10 months, especially in complex cases. During this period, your assets may be frozen, imposing a financial strain on your loved ones.
Furthermore, obtaining a Deputyship Order entails considerable expenses. Court and solicitor fees can easily surpass £4,000, and an additional annual fee of £500 is typically required. Once appointed, the Deputy is subject to stringent reporting requirements to the Court/Office of the Public Guardian (OPG). This involves submitting annual accounts for Court approval and may involve periodic visits by a Court Visitor. Every expenditure must be meticulously accounted for, and any requests for funds must be formally submitted to the Court in writing.
How does it work?
Before your attorney can utilise a Lasting Power of Attorney (LPA), it must be registered with The Office of the Public Guardian (OPG). The OPG imposes a registration fee of £82 per Lasting Power of Attorney. Should you opt for our assistance in registering your LPA, we’ll request this payment from you.
However, certain individuals may be eligible for an exemption from these fees, particularly those receiving specific means-tested benefits. Additionally, a 50% fee reduction might be applicable based on the applicant’s financial circumstances or their receipt of Universal Credit. For further information, please refer to the Office of the Public Guardian’s fee schedule.
Our fixed fee for Lasting Power of Attorney through Wills & Legal Services is £360 per document. It’s worth noting that this fee may be subject to reduction of up to 50%. However, please be aware that this fee does not cover The Office of the Public Guardian registration fee, nor their charge for a certified copy of a Lasting Power of Attorney, which is presently £35.
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