The importance of preparing your Lasting Power of Attorney (LPA) is all too often overlooked by people when planning ahead for their golden years. By preparing a Lasting Power of Attorney you are ensuring that the right people of your choice are legally allowed to deal with your assets and/or personal welfare should you become mentally or physically incapable of handling your own affairs.
Do I really need a Lasting Power of Attorney?
Quite simply, would you like to have a say in what would happen if you were to suffer from mental or physical incapacity?
Without an LPA in place, loved ones would have to apply through the Court of Protection and a judge would decide who can handle your affairs. This process often takes over a year to complete and costs many thousands of pounds in solicitor and court fees. Until the legal process is complete, your finances and assets would be frozen.
Personal Welfare LPA or Property and Financial LPA?
There are two types of LPA, the Health & Welfare LPA and the Property and Financial Affairs LPA. You can, if you wish, only have one of these types of LPA but we would always recommend preparing both types, where appropriate.
The Health & Welfare LPA allows you to appoint the right person or group of people to look after your personal healthcare and welfare. In situations where you lack capacity this would give them the authority to; access your medical records, decide your course treatment, decide where you live, decide who can visit you. This LPA also allows you to give authorisation to them to refuse or consent to life sustaining treatment.
The Property and Financial Affairs LPA appoints someone or a group of people to look after any assets or money related affairs. This can be the same person or people if you should wish. With the average life expectancy ever growing and predicted to continue to rise, it is likely that many of us will require some form of assistance in our old age. It is sensible planning to put the measures in place now to allow the people you trust to manage your affairs should the need arise.
Our service covers all aspects of creating an LPA including:
- Health & Welfare LPA’s (LPA-HW)
- Property and Financial Affairs LPA’s (LPA-PFA)
- Personally customised instructions
- Full advice on each document
- First visit to obtain instructions
- Formulation of document
- Second visit to deliver document and act as Certificate Provider
- Arranging all attorney signatures
- Preparation of registration documentation
- Document checking process
- Applying to register the Lasting Power of Attorney
- Monitoring of registration process until complete
- (where applicable) applying for fee remission or fee exemption.