Why you need an LPA now!
The thought of reaching a time in your life when you are no longer able to make your own decisions may be one you’d rather ignore. But if you fail to plan, you could make things even worse for loved ones, should anything happen to you.
The best way to be prepared for all eventualities is by drawing up a Lasting Power of Attorney (LPA). This legal document allows you to appoint someone to act in matters of both finance and personal welfare on your behalf.
That way, if you should become physically or mentally incapacitated, it will fall to someone you know and trust to look after your affairs.
Many people think that an LPA is something they will only need in later life, or should they find themselves faced with declining health.
But the unfortunate reality is that there’s no way of knowing what might happen to you.
It is far better to be prepared, just in case the unthinkable happens, such as a car crash.
By acting sooner rather than later, and getting this document drawn up in your 30s, 40s, or 50s, will give you the peace of mind of knowing that no matter how life plays out, your bills will be paid, and matters will be dealt with.
It will also protect your loved ones from unnecessary emotional distress.
What happens if you don’t have an LPA?
If something happens to you and you don’t have an LPA in place, things can get very difficult for family and loved ones.
This is because someone must apply to the Court of Protection to become a deputy before they can deal with matters on your behalf.
This can be a long and expensive process and could mean a complete stranger ends up being the one making decisions regarding your future health and wealth. There is then a risk they will make choices you would not have made
Being prepared can save a lot of stress and heartache.
Types of LPA
There are two different types of LPA: the first is for property and financial affairs, and the second is for health and welfare.
By granting someone Power of Attorney over your finances means they will be able to operate bank accounts and claim benefits on your behalf. They will also be entitled to carry out property transactions for you, such as selling your home.
By granting someone Power of Attorney over your health and welfare, they will, for example, be able to made decisions about your daily routine, medical care, choice of care home – and even whether you should be resuscitated if your heart stops.
Who to choose?
Most people choose trusted family members or close friends to be an LPA.
It is up to you to decide whether to have different people for the different types of LPA, or the same person for both.
The key is to choose a person – or people – you know will act in your best interests.
Have the conversation
Talking to family and friends about matters such as getting dementia, or losing physical capacity, can be tough at the best of times.
However, by having these difficult conversations now, you can save a lot of heartache, not to mention money, further down the line.
And, once you’ve put your own LPA in place, it is well worth supporting other family members to help them get their affairs sorted out too.
Office of the Public Guardian – Costs
There's a compulsory cost of £82 to register a single Power of Attorney in England.
If you earn less than £12,000 per annum and you can provide evidence, the fee is reduced to £41. Those on certain benefits such as guaranteed pension credits are exempt from fees.
So it's £82 each for the Property and Finance LPA and the Health and Welfare LPA, so if you get both, that's £164.
We prepare and register LPAs for a fixed price which includes a home visit* and all our costs: -
£195 for a single registered LPA (LPA P&F or LPA H&W)
or
£345 for both a Property and Financial Affairs LPA and a Health and Welfare LPA for the same person
Pricing excludes the fee which may be charged for registration by the Office of the Public Guardian (currently £82 per LPA). If you are on certain benefits or your income is below £12,000 per annum, you may not have to pay this fee or you may be entitled to a reduction. Help in obtaining this fee remission or reduction is included in our service at no additional cost.
* within a fifty mile radius of Ashford, Kent. A further distance can be arranged by mutual agreement @ 45p per mile.
Service is VAT exempt