Lasting Powers of Attorney – Plan ahead
Like me I’m sure you will have taken steps to protect what’s important to you in life and to plan for the future. No doubt you will have house insurance, car insurance and maybe even pet insurance.
You have probably also made a Last Will and Testament to look after your loved ones when you’re not here, but have you planned for what might happen if you are unable to look after your own finances and welfare in your lifetime?
A Lasting Power of Attorney (LPA) is a legal document in which you can choose someone you trust to make decisions for you. This may be at a time in the future when you either lack the mental capacity to do so, or no longer wish to make those decisions yourself. The decisions could be about property and affairs or about your health and personal welfare.
With life expectancy increasing in the UK many of us will need help in our later years. One in three people over 65 will develop some form of dementia and this can create many problems when it comes to dealing with finances and welfare. If you lose mental capacity it will be too late to make Lasting Powers of Attorney (LPAs) to appoint someone to act on your behalf. It will then be for a family member to make an application to the Court of Protection to be appointed as a Deputy. This is an expensive and time consuming process, the Court fee alone is £400.
However, by making an LPA you can plan for a time when you might need help looking after your finances and welfare and avoid the costs and delay of an application to appoint a Deputy. Hopefully you will never have to use your LPA, but just like your house insurance it will be in place just in case the worst happens.
There are two types of LPA:-
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The Property & Financial Affairs LPA allows you to appoint an attorney to manage your finances and property.
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The Health & Welfare LPA allows you to appoint an attorney to make decisions on your behalf about your personal welfare.
Restrictions and/or conditions
You can include in your LPA restrictions and/or conditions that place limits on the decisions taken by your attorneys. For example your attorneys may only be able to make decisions if you have lost mental capacity or they may not be given the power to sell your house. You may also include guidance in the LPA to assist your attorneys when making decisions in your best interests.
Who can make an LPA?
Anyone aged 18 or over, with the capacity to do so, can make an LPA. You cannot make an LPA jointly with another person; each person must make his or her own LPA.
Who can be an attorney?
If you are making a Health & Welfare LPA then anybody over the age of 18 can be an attorney. For a Property and Financial Affairs LPA anybody over the age of 18 can be an attorney, however, they must not be bankrupt when they sign the LPA form. Also, if they become bankrupt in the future this could result in the LPA being cancelled if it has been registered with the Office of the Public Guardian. You can appoint more than one attorney and replacement attorneys.
How long will it take?
Once we have full details from you we will draft your LPA within one week. It will take approximately 12 weeks to register the LPA with the Office of the Public Guardian.
How much will it cost?
For one registered LPA the price is £500 plus VAT and a Court fee of £110. Our fixed pricing ensures there are no nasty surprises for you or your loved ones.
If you would like more information please contact one of the following who will be happy to help you in one of our offices in Bingley, Ilkley and Bradford:-
Belinda Fox
Email: belinda@rdcsolicitors.co.uk
Address: RDC Solicitors
9 New Brook Street
Ilkley
LS29 8DQ
Telephone: 01943 601173
Sheila Mackintosh
Email: Sheila@rdcsolicitors.co.uk
Address: RDC Solicitors
The City Hub
9-11 Peckover Street
Little Germany
Bradford
BD1 5BD
Telephone: 01274 735511
Ian Cormack
Email: IanC@rdcsolicitors.co.uk
Address: RDC Solicitors
The City Hub
9-11 Peckover Street
Little Germany
Bradford
BD1 5BD
Telephone: 01274 735511
Our Bingley Office address is:
RDC Solicitors
30 Park Road
Bingley
BD16 4JD
Telephone: 01274 723858
