WHAT IF YOU HAD A SERIOUS ACCIDENT OR DEBILITATING ILLNESS AND YOU WERE UNABLE TO LOOK AFTER YOUR OWN AFFAIRS?
LASTING POWER OF ATTORNEY IS
ALL ABOUT HELPING OTHERS TO HELP YOU.
Your affairs will be handled by the Office of the Public Guardian, and a receiver appointed by the Court of Protection. Quite rightly, they exist to protect the interests of vulnerable people in this type of situation but where a Local Authority, solicitor or other professional is appointed they will be entitled to be paid for the time they spend. It is not at all unlikely that the costs could exceed £10,000 a year plus VAT – that might cover 1 hour a week of a solicitor’s time. However, the majority of people, who have the choice, would choose a partner, son or daughter, or trusted friend to perform this role, not a faceless unknown official or solicitor. Moreover, the official procedure can be frustrating, highly intrusive and cost in excess of £1000 and take up to 12 months. The Court can put restrictions on your account allowing only the necessities even it’s a joint account, and can prevent you selling your property. This can cause enormous problems and expense for your family.
The Property and Financial Affairs LPA grants your attorneys legal authority to deal with and manage your financial affairs on your behalf. This LPA can be useful if you are abroad, physically or mentally incapacitated or simply want someone to help you manage your affairs. By having proper legal authority, your attorneys will be able to deal with all your financial affairs and the necessary organisations on your behalf with no issues. If you are an attorney, then if a relative with dementia can no longer look after their finances an LPA gives you the legal power to take over.
This LPA offers peace of mind that people you trust will be legally allowed to manage your financial affairs on your behalf if and when the need arises.
This can include the following:
Without a Lasting Power of Attorney, your loved ones will find it very difficult to manage your financial affairs for you.
A Health & Welfare LPA allows your Attorneys to make decisions on your behalf about your personal welfare, including whether to give or refuse consent to medical treatment on your behalf and deciding where you live. Health and Welfare LPA’s only take effect if you have lost mental capacity. You will continue to make decisions until you lack capacity to do so
For a Lasting Power of Attorney to be effective, it must be registered with The Office of the Public Guardian (OPG). Your attorneys can only act on your behalf once the LPA has been registered. If it is a Health and Welfare LPA, your attorneys can only act once the LPA has been registered and you have lost mental capacity.