LASTING POWER of ATTORNEY Q & A
I have been advised to prepare a Power of Attorney but do not know what it is?
A lasting power of attorney is a document that allows someone to make decisions on your behalf about matters concerning you, when you are no longer able to make those decisions for yourself. As more and more people are living longer, the number of people diagnosed with dementia or Alzheimer’s increases each year.
More and more people are needing help and support in their later years and in some cases are losing capacity to make important decisions meaning you are unable to make decisions about important matters that may affect you. By making a Lasting Power of Attorney whilst you are still fit and well, you can choose who would best be suited to manage your affairs and make decisions about you.
What does making an LPA entail?
There are two types of Lasting Power of Attorney that you can have prepared. The first deals with Property and Affairs, which manages your money and investments and also the power to sell your house if the need should arise. The second deals with Health and Welfare issues, such as where do you live, do you receive life sustaining treatment and are you to be resuscitated.
What will happen if I do not make an LPA but I lose capacity?
If you decide not to make a Lasting Power of Attorney and lose capacity an application will have to be made to the Court of Protection for a Deputy to be appointed so that they can manage your affairs. In this instance, you have no choice who will be appointed your Deputy. Obtaining a Deputy Order can take many months and the cost is considerably more than making a Lasting Power of Attorney.
What can I stipulate in the LPA?
When making a Lasting Power of Attorney you should think carefully about the decisions you want your Attorney’s to make about you. Do you want them to receive any payment for acting as an Attorney? Do you want them to produce a set of accounts each year accounting for your money and present those accounts to a third party for approval? Do you want to move into a Care Home or have care provided for you in your own home?
If you have specific wishes, then these wishes can be included in the Lasting Power of Attorney when it is made. It is for this reason that it is advisable to seek the advice of a Solicitor when making a Lasting Power of Attorney. If you use the services of a Solicitor, not only will they ensure that these wishes are incorporated into the Lasting Power of Attorney but they will also act as your certificate provider and sign to confirm you have capacity when you make the Lasting Power of Attorney.
How much will it cost me to make an LPA?
The Office of the Public Guardian make a charge of £82 to register a Lasting Power of Attorney if applicable based upon your financial circumstances. A solicitor will charge between £250 and £350 plus Vat for preparing each Lasting Power of Attorney, there being two that you can make.