Should I get a lasting power of attorney or is it a waste of time?Guides
While you’re still fit and healthy, it can be difficult to take in the fact that you may one day need an attorney to handle your finances and every-day decisions for you, but the sooner you arrange it, the better it will be in the long-run.
Although you may already have a will in place to make sure that your assets are passed on to the right people when you pass away (if you don’t, write a will today!), it’s also very important to plan for the possibility of being unable to make your own life decisions while you’re still alive due to a lack of mental ability.
To do this, setting up a lasting power of attorney (LPA) is highly important, as it gives another individual(s) or organisation the legal authority to manage your finances and/or health and welfare dealings. Having an LPA in place guarantees that important decisions relating to you and your every-day affairs are made with your best interests in mind if you ever lack the mental capacity to do so yourself.
By creating an accurate lasting power of attorney, whether it’s a Property and Financial Affairs LPA or a Health and Welfare LPA, you are essentially making sure that your day-to-day dealings are handled in a way that gives you the best quality of life.
If you do not set up a lasting power of attorney and later lose the mental capacity to make your own decisions, an individual would be required to apply to the Court of Protection to be appointed as a ‘deputy’, which can be a far more time-consuming, complicated and expensive process.
What are the benefits of making a lasting power of attorney?
You can choose one or both of the two main types of LPA: a Property and Financial Affairs LPA, and a Health and Welfare LPA.
The Property and Financial Affairs LPA includes the management of:
The Health and Welfare LPA includes the handling of issues relating to:
Many people choose to assign a professional solicitor to manage their financial affairs due to the complexity and time-consuming nature of the responsibilities, and a family member to handle day-to-day matters.
Anyone above the age of 18 is able to set up a lasting power of attorney as long as they are still of sound mind when the agreement is finalised. It’s unlikely that anyone will look at setting up an LPA as soon as they turn 18, but doing so while you’re still healthy and capable of making your own important decisions is the only way of ensuring that you retain a good quality of life later down the line.
A sudden illness or injury could leave you mentally unable to make life choices in the blink of an eye, so be sure not to leave it too late.
The only requirements for being able to make a lasting power of attorney are:
To start the process of setting up an LPA or simply for a chat about the options available to you, Submit your LPA enquiry here.
INCLUDES VAT + OPG filing fee*
INCLUDES VATv + OPG filing fee*
INCLUDES VAT + OPG filing fee*
*These prices are for Unite Members only.
*Before a Lasting Power of Attorney can be used it has to be registered with The Office of the Public Guardian (OPG). They charge a registration fee of £82 per Lasting Power of Attorney. Therefore, the fee for "Both in One" is £164.
Competitor Prices Last Checked 15:00hr 08/01/2020