LIGHT BYTE - Lasting Powers of Attorney

What is a Lasting Power of Attorney?

A Lasting Power of Attorney (LPA) allows you to choose a person or persons, known as your attorney, to make decisions on your behalf when you lack the mental capacity to do so.   There are two types of LPA. The first, the Property & Financial Affairs LPA, allows your attorney to make decisions regarding your money and property.  The second, Health & Welfare LPA, deals with decisions about your medical treatment, your care, where you live etc.

Do I need one?

Yes. For various reasons you may find that, during your lifetime, you are unable to manage your own affairs and need someone to help you. This might be as a result of dementia, mental health problems, stroke or head injury - or just getting to the stage when you need help managing your finances. 

Who can act as my attorney?

Anyone over the age of 18 and who is not registered bankrupt can be an attorney. Most people appoint their spouse or children but it is also possible to appoint professional attorneys, ie your solicitor, accountant etc. Primarily you should appoint someone you trust, who will always act in your best interests.

Are they expensive?

Our fees for a Property and Financial Affairs or a Health and Welfare LPA are £300 + VAT or if you choose to have one of each we charge £550 + VAT. There is also a registration fee of £82 per document to pay to the Office of the Public Guardian.

Can I limit my attorney’s powers?

Yes. You can place restrictions on the powers your attorney has, stating the circumstances under which they have powers and limiting their power in respect of particular assets.

What if I lose capacity and haven’t made an LPA?

If you lack the mental capacity to make a LPA then in order to be able to deal with your finances, for example accessing your finances to pay for your care, your family will have to make expensive and lengthy applications to the Court of Protection to have a family member appointed to act as a ‘Deputy’ to manage your affairs. 

To find out more, call us on: 01603 625231