LASTING POWERS OF ATTORNEY
What is a Lasting Power of Attorney (LPA)? A Lasting Power of Attorney (LPA) is a legal document that will give a person of your choosing the ability to act on your behalf or make decisions for you or if you are no longer able to. The range of powers can be restricted so your attorney can only make certain decisions, or you can let them make all decisions on your behalf. Trust East Anglian Wills & Estate Planning Ltd with your LPA.
LASTING POWERS OF ATTORNEY FOR FINANCIAL AFFAIRS (PROPERTY AND FINANCIAL AFFAIRS LPA)
A property and financial affairs LPA can be used while you are still able to make your own decisions, or you can set it up to only come into force once you lose capacity to make decisions for yourself.
A property and Financial Affairs LPA covers a range of things such as:
Buying and selling property
Maintaining your property
Paying your mortgage
Dealing with your pensions
Ensuring your money is spent for your benefit only
Your attorney must be someone you trust. To give you a layer of protection when you lose capacity you can ask for regular details of expenditure and how much money you have which can be sent to a family member or a solicitor.
LASTING POWERS OF ATTORNEY FOR HEALTH AND WELFARE (HEALTH AND WELFARE LPA)
Unlike a financial affairs LPA the health and welfare LPA can only be used when you have lost mental capacity but must be set up before you do. An attorney can make decisions on:
Your medical care
Whether you should live at home or in care and if in care which care home
What you should eat
What activities you take part in
Who can be in contact with you
If you have specific beliefs about life-saving treatment you can make special permissions for your attorney to ensure your beliefs are respected.
COMMON MYTHS REGARDING THE NEED FOR LPA'S TO BE IN PLACE
My spouse or children will be able to deal with my affairs without a power of attorney
This is not the case. Many people believe that because they are married or in a civil partnership their spouse would automatically be able to make decisions and manage financial affairs such as banking, pensions etc or that they will be able to deal with their social and healthcare if they lost the ability to do so themselves. Without an LPA your spouse will not have automatic authority to act on your behalf.
I will only need an LPA if I am mentally incapacitated
Again, this is not so. You may have had an accident or illness which puts you in hospital short term you will need assistance with everyday tasks such as paying bills or even checking your bank balance. It is not easily possible and often not possible at all for a loved one or trusted person to deal with such things for you but with an LPA in place it’s a simple process.
The court costs and set up fees alone are over £1500.
If you are diagnosed with dementia and have no power of attorney and you have already lost mental capacity, it will not be possible to make an LPA. Instead, someone will need to apply to the Court of Protection for a Deputyship Order. It is advisable to instruct a lawyer to help them with the process, as it is both complicated, expensive, and sometimes intrusive. The fees for setting up a deputyship order for a single person via a solicitor can be in excess of £2,500 the court costs and set up fees alone are £1,250 with legal costs on top.
How much does it cost to set up a lasting power of attorney with East Anglian Wills & Estate Planning?
Both LPAs are Included in the price Financial Affairs and Health and Welfare
Single - £495 + Fees to the Office of the Public Guardian
Couple - £945 + Fees to the Office of the Public Guardian
Package Deals LPA + Will
Single - £550 + Fees to the Office of the Public Guardian
Couple - £995 + Fees to the Office of the Public Guardian
ESTATE PLANNING SERVICES FROM PARKLANDS FINANCIAL ADVISERS LTD
in conjunction with East Anglian Wills & Estate Planning Ltd
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