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It's not easy to think about a time when you won't be able to make your own decisions, but it can help to be prepared.
End of life care is one of the most heart-wrenching experiences to have to oversee. That’s why ensuring the correct financial protection and legal mechanisms are in place in order to protect people’s homes, assets and hard-earned money from incredulous taxation.
Whilst able to do so, it is more important than ever to have your affairs in order when it comes to estate management. Incapacitation can happen to anybody, very quickly and without warning. With people living longer, the risk only increases for those in later life.
Lasting Powers of Attorney (often called LPAs) can either be administered for property and financial affairs or for health and welfare. The former permits authority to manage bank accounts, make and sell investments in property and all manner of fiscal affairs. The latter affords those to make decisions about healthcare and medical matter as well as decisions about the general welfare.
We help many people make the incredibly important decision on LPAs and advise on an array of scenarios then enable you to retain control and minimise any loss of your estate in the event of illness or injury.
Lasting Powers of Attorney Explained
There are two types of lasting power of attorney: one relating to health and welfare, and the other relating to finance and property. The purpose of setting up and registering an LPA is to ensure that if you become unable to take decisions on your own behalf, for example due to illness or injury, a nominated person or persons step in and become the people who take those decisions on your behalf. Clearly for important matters such as these you want to have someone you trust in the position of responsibility.
If you have not made such provisions and the worst happens, applying for a Deputyship of Order through the Court of Protection, is a lengthy and costly process.
Once created, the LPA must be registered with the Office of the Public Guardian, at a small additional charge. You can choose to do this immediately, which means you can then forget all about it knowing the full process has been completed, or you can choose to create the LPA but not register it until such time as it’s needed. Either way the LPA can only be utilised once the donor (that’s the person who becomes unable to make decisions) has lost the ability to express their wishes or to manage their affairs. When this happens the attorneys (the people nominated to make decisions in the donor’s place) can begin looking after the donor’s financial affairs or their health and welfare decisions, depending on which LPA has been set up (or both)..
We can help you decide who should be your attorneys, work through and complete the paperwork with you, and register the LPA on your behalf.
Lasting power of attorney FAQs
What is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a legal appointment made to help make decisions of importance either in consultation with you or on your behalf should you not be of sound mind or physically impaired.
Why should I make a Lasting Power of Attorney?
LPAs allow you to retain control over your affairs should you ever be unable to do so yourself. This is common with those in later life, but anyone over 18 and of regular mental capacity can appoint LPAs. Accidents and illnesses can occur instantly, rendering the importance of having LPAs appointed well in advance of later life, especially if a large estate is owned.
Can you appoint more than one person to have Lasting Power of Attorney?
Yes. You can make multiple appointments to help you make decisions.
Are there different types of Lasting Power of Attorney?
Yes, there are two types of LPAs. Health and welfare is one type with the other being property and financial affairs. You can choose to appoint one type of LPA or both if required.
What is the role of the Office of the Public Guardian?
The Office of the Public Guardian (OPG) is an executive agency associated with the Ministry of Justice with jurisdiction over the legal framework of England and Wales. The OPG oversees the process LPAs and helps those making decisions regarding their estate, especially those who are unable to do so. The OPG ensures LPAs are held to account and act in a legal and proper manner regarding the administration of your affairs.
What does it cost to appoint a Lasting Power of Attorney?
According to the latest guidelines from the Government, it costs £82 to appoint an LPA unless you get a reduction or exemption. You can cancel your LPA if you decide to and appoint new ones as you see fit.
What should I do first?
Speak to a professional who can guide you through the process. Appointing one or more LPAs may be beneficial but there might be implications you have not fully considered. It is advisable that you speak with an adviser before approaching close relatives or friends to become an LPA.
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