Lasting Powers of Attorney
What is a Lasting Power of Attorney and why would anyone need one?
Most people know what a Power of Attorney is but a Lasting Power of Attorney differs in that it does not end when an individual is no longer able to make decisions for themselves or in legal terms lacks mental capacity.
There are two types of Lasting Power of Attorney; one that deals with financial and property matters and one that deals with an individual's personal welfare.
It is an unfortunate fact of life that people can be involved in accidents or suffer a debilitating illness when they least expect it and be left unable to deal with their own affairs. If they have the two Lasting Powers of Attorney then their loved one's can continue to look after them and do what is in their best interests without the need for protracted Court proceedings or the concern that bills cannot be paid.
Who can have a Lasting Power of Attorney?
Anyone over the age of 18 who has the mental capacity to do so can enter into an LPA.
Is there a risk that someone will sell my property when I do not want them to?
Restrictions can be placed on the person(s) you trust to deal with your affairs such as not being able to manage your finances until you lack mental capacity to do so yourself. You can also offer guidance on what you would like to happen although this will not be legally binding.
I already have a "living Will" why would I need a Lasting Power of Attorney?
It is possible that your living Will may no longer be able to carry into effect your wishes and you should have this checked by one of our team.
How much will it cost?
There is a requirement now to register a Lasting Power of Attorney with the Office of the Public Guardian as soon as it is signed. They charge an administrative fee of £82 for this service (Some people on certain Benefits and Low Incomes qualify for an exemption or reduction to this fee). Needham North & Holywell continue to freeze our fee for the preparation of all necessary documentation at the very competitive rate of £200 (with further discounts the more you have), which includes our promise to visit you in the comfort of your own home, if required, at no additional cost.
Care Act April 2015
This new Act makes it very important to have a Lasting Power of Attorney in place to protect your assets