Even the best-laid plans often go awry. A Lasting Power of Attorney (LPA) is a legally binding way of mitigating the life challenges you may not see coming.
As we get older, accidents or illness can strike at any time. One in six people over the age of 80 have dementia and it is estimated that an additional 225,000 people will be afflicted this year - one every three minutes. It is predicted that by 2025 one million people in the UK will suffer from dementia1, so it’s important, for both you and your dependents, that you make arrangements for the future now while you are fit, well and able to.
A Lasting Power of Attorney (LPA) is a recognised, legal document that allows you to appoint those you trust the most as your attorneys, allowing them to make decisions on your behalf, should you ever need them to. Should there be a time in the future that you don’t have the mental capacity to make decisions, without an LPA in place, it may be necessary for the Court of Protection to become involved. This can be a lengthy and costly process, and your appointed attorney may not be the person you would have chosen. During this time your partner will be unable to collect a pension or any benefits on your behalf.
If there does come a time when you are unable to manage your own affairs the way you want to, your LPA will ensure your spouse/partner, children or a close friend can handle all these important matters for you.
1Alzheimer's Society: Facts for the media
Before preparing your Lasting Power of Attorney, it is a good idea to note down necessary information that may be useful and assist you in setting out your wishes to the Estate Planning Team. You may wish to consider the following:
Attorneys: Who will be your attorneys? Ensure they are someone you trust. Speak to them in advance and make sure they are willing to accept the responsibility.
Type of LPA required: What kind of LPA is suitable for you, Health & Welfare and Property & Finance. What do you want to achieve from putting in place an LPA?
Assets: Full addresses of any property you have, financial assets including money held in accounts and shares.
Debts: This will include mortgages, loans and any other obligations you have to creditors.
In England and Wales, there are two types of LPA which deal with entirely different aspects of your life; Property & Financial Affairs, and Health & Welfare. You can choose to have both or just one on its own.
This LPA gives your appointed attorney(s) the power to make decisions about money and property for you. It can be used as soon as it’s registered, with your permission, on either a temporary or permanent basis.
This LPA gives your appointed attorney(s) the power to make decisions about your health and personal welfare. It can only be used when you’re unable to make your own decisions, and enables them to speak for you if you are unable to do so yourself.
Responsible Estate Planning offer a professional, personal Lasting Powers of Attorney service.
Right from the start, you’ll be assigned a dedicated adviser who will take care of everything for you.
They’ll take the time to get to know your individual circumstances, needs and wants, and will work meticulously to ensure your documents cover absolutely everything you need them to.
Need to know more before speaking to us? Why not take a look at our FAQs specifically for LPAs.
1 LPA: £300
2 LPAs: £600
3 LPAs: £900
4 LPAs: £1200
The LPA fees are inclusive of all costs including VAT and the Office of The Public Guardian registration fees.
Your LPA specialist will discuss your requirements, such as who will be appointed and under what circumstances. They will then prepare the paperwork for you to review.
Your Lasting Power of Attorney will need to be signed by you, your appointed attorney, the witnesses and a certificate provider, for the document to be legally binding. For security purposes, it is recommended you nominate more than one Attorney.
The entire process will be dealt with by your LPA specialist so that you can set-and-forget with complete peace of mind.
