Unless you have had a family member who has suffered from dementia or lost mental capacity in an accident, Lasting Powers of Attorney’s (LPA) are rarely mentioned. An LPA is a very useful way to ensure your affairs are managed should the unthinkable happen to your mental capacity. An LPA can be thought of in a similar way to an insurance policy. You insure your car, possessions and pets, so why don’t you extend that to ensuring someone you trust makes the best decisions for you if and when the time is right?
What is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA for short) is a document which, once registered, allows your attorneys (people you choose) to manage your affairs should you become unable to.
There are two types of Lasting Power of Attorney (LPA):
1. The Health & Welfare LPA
The Health and Welfare LPA gives your attorneys the power to make decisions for you governing aspects such as; where you live, the type of care you receive, the care provider, but you are also able to give them the power to consent to/refuse medical treatment on your behalf.
2. The Property & Financial Affairs LPA
The Property and Financial Affairs LPA gives your attorneys the power to manage your finances. They can manage your bank accounts, pay your bills, manage your investments, and to deal with any property you own.
What is the cost of an LPA?
A single Lasting Power of Attorney with Fortis Law is £300 (RRP £385) for Benefits Cloud members.
We have a special offer of 2 LPA’s for £595 or 4 for £995. That’s a saving of £585.
Claim offer here
Who are Attorneys?
Your attorney should only ever be someone you trust, whether that be a close friend or family member, or a professional organisation. You choose and appoint your attorneys and should never feel pressured into appointing someone. This person will have the power to make decisions for you should you become unable to make them yourself who are financially dependent on you.
Why Make An LPA?
You can only create an LPA if you have the required mental capacity. If you lose capacity, you will be unable to make an LPA and your family will have to go through the Court of Protection (CoP) in order to obtain a Deputyship Order to be able to manage things for you. This takes considerable time and is an expensive process. This adds an additional level of stress and anxiety at an already difficult time, and is certainly far from ideal if you have people
Some Additional Information......
Can I Create My Own LPA?
The short answer is yes, but the paperwork needs to be filled out correctly, and signed in a specific order. It is important that you receive professional advice so that you can make properly informed decisions.
If you don’t fully understand the process, then this can be very stressful. In addition, when you register the document with the Office of the Public Guardian, any errors will lead to the document being rejected and a further fee being charged*.
*Remissions and exemptions may apply.
Can I Cancel My LPA?
Yes. You can cancel your LPA at any time, however if it has been registered, a formal process with the OPG will need to be followed. This means it will no longer take effect. You will need to understand what you are doing and be able to make your own decisions.
I'm Nervous About My Attorneys Taking Advantage. Should I Be?
If you don’t have people around you that you trust whole-heartedly, you can always appoint a professional attorney (speak to our team for more information) to act in your best interests. It’s important to understand that your attorneys cannot do whatever they like. They must strictly adhere to the law as stated in the Mental Capacity Act 2005 and must make decisions in your best interest. Attorneys accountable to the Court of Protection.
Should I Use Fortis Law's Professional Advice?
It is important that you seek advice in this specialist area and a member of our friendly team will be able to answer your questions, provide insight and assist you in creating these important legal documents.
There is the risk that it could cost more money in the long run if these documents aren’t created properly.