Power of Attorney
Creating a Lasting Power of Attorney is one of the best things that you can do during your lifetime for your own future. Most people believe that, if you were to lose mental capacity, your spouse or next of kin would legally be able to deal with your affairs and make decisions for you.
Sadly, this is false. In order to protect yourself and your loved ones, you need to create Lasting Power of Attorney (LPA).
By making an LPA, you are appointing a person or persons to make decisions for you and deal with your affairs at a time when you are no longer able to do so for yourself. There are two types of LPA:
The Health and Welfare LPA
Persons appointed under this type of LPA can make decisions for you on matters such as:
- Your daily routine
- Medical care
- Moving into a care home
- Receipt of life-sustaining treatment
This LPA can only be used once you no longer have mental capacity to make these decisions for yourself.
The Property and Financial Affairs LPA
Persons appointed under this LPA can make decisions for you and assist you with matters such as:
- Managing your financial accounts
- Paying bills
- Collecting payments such as pension
- Continuing to run your business
- Selling your home
This LPA can be used once you no longer have mental capacity to deal with these matters yourself but also can be used immediately, depending on your preferences.
PROTECT YOUR FUTURE
A Lasting Power of Attorney is the only way to ensure that you are protected at a time in your life when you are most vulnerable. LPAs can:
- Ensure you have appointed people that you trust to assist you and make decisions for you
- Save your family and friends thousands in making a retrospective Deputyship application to the Court of Protection to assist you
- Enforce legally binding conditions and restrictions on those making decisions on your behalf
- Ensure that decisions can be made immediately after you become incapacitated
- Set out your wishes on how you would like to live your life
- Spare yourself and your loved ones from unnecessary stress during what may already be a very difficult time
Swift, Professional & Compassionate
Nobody likes to think that they may lose capacity, but the unfortunate reality is that many people do. If you become incapacitated without making and registering one or both Lasting Power of Attorney:
- It is too late to make one. You must be mentally capable to make a Lasting Power of Attorney, so if you do not have one by the time you really need it, then it is too late.
- All of your financial arrangements will be frozen.
- Loved ones will be denied access to your bank accounts, even if they are a joint-account holder.
- Loved ones must submit an application to the Court of Protection to be appointed as a Deputy.
- The Deputyship application process can take over 9 months and is very costly.
- You do not choose your own Deputy or have any input, so they may not be the person you trust the most to make vital decisions on your behalf.
- Only one Deputy can ever be appointed at any one time. If a change of Deputy is required, the whole application process starts again and incurs additional fees.
- Deputies must be supervised by the Court of Protection, so annual supervision fees of up to £800 per year are payable.
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