Lasting Powers Of Attorney
A Lasting Powers of Attorney (LPA) enables you, the Donor, to select someone to act on your behalf if you lose mental capacity. There are two types of LPA. One concerns your Property and Finanes, and the other relates to your Health and Welfare.
Appointing an Attorney through an LPA gives you peace of mind. What’s more, Lasting Powers of Attorney ensure you continue to have a voice for important care decisions and funeral plans.
For further information, please get in touch with our experts.
Health & Welfare LPA
Health and welfare LPAs give your appointed Attorney the power to make important decisions on your behalf. For example:
- Your daily routine (including washing, dressing & eating)
- Medical care
- Moving into a Care Home
- Life-sustaining treatment
- Challenging your care plan
- Requesting an assessment for nursing needs to reduce private funding contributions
Property &
Financial LPA
Property and Finance LPAs give your Attorney the power to make decisions regarding money and property on your behalf. For example:
- Managing a bank or building society account
- Paying bills
- Collecting benefits or a pension
- Selling your home
- Authorising the management of investments
With your permission, your LPAs can be registered immediately or await until you have lost capacity. Business owners should also consider an LPA as this will permit your Attorney to manage your occupational interests if you are unavailable or lack mental capacity.
Lasting Powers Of Attorney
For Businesses
Not having an LPA in place can leave you and your business unprotected. For example:
- If one bank signatory loses mental capacity, the bank can freeze the account in order to protect the vulnerable person
- The likelihood of the account being frozen is increased if it has an overdraft
- For Solicitors and business owners, there can be professional implications if they lack mental capacity (resulting in their regulatory body getting involved)
- Any contracts entered into by a person who has since lost capacity can become unenforceable
- Paying creditors, taxes and employees can become difficult
- Investors may request investments to be returned
If you do not currently have a business LPA, don’t delay. Please speak to our experts today for advice.
FAQs
As soon as possible! None of us know what the future holds, therefore it is best to make certain that your wishes are set out sooner rather than later. An LPA does not have to be used straight away but by ensuring it is in place helps prevent delay in dealing with your affairs if and when it becomes necessary.
Having mental capacity means having the ability to make and communicate your own decisions. If you lose your mental capacity, and you have granted Powers of Attorney to anyone (or you did appoint Attorneys, but they can no longer act for you), then the Court can appoint someone to be your Deputy.
A Deputy is appointed by the courts after the Donor’s mental capacity has been lost. A Deputy application is more time-consuming and costly than making an LPA. For this reason, it is always advisable to make an LPA whilst you still have mental capacity. The fee for a Deputy application to the Court of Protection ranges from £365.00 and can cost up to £5,000.00, What’s more, there are Solicitors’ costs for preparing the application and notifying interested parties of the application.
Contact De Rossi Griffiths For LPA Specialist Advice
Please speak to our experts today to help you plan for your future.