A Lasting Power of Attorney is a legal document that lets you appoint a nominated person(s) to make decisions on your behalf. There are two types of Lasting Powers of Attorney (LPA):
- Health & Welfare
- Property & Financial Affairs
A Health & Welfare Power of Attorney can only be used by your attorney if you have lost mental capacity and are no longer able to make your own decisions. A Property & Financial Affairs Power of Attorney can be used by your attorney, once it has been registered with the Office of the Public Guardian, both when you have lost capacity and whilst you still have capacity but prefer to pass the day to day responsibility for some or all of your financial affairs to your attorney. A Lasting Power of Attorney can only be made when you have mental capacity i.e. the ability to make your own decisions.
Many people think about making a Will, so that their loved ones are provided for following their death, but they do not consider how they can ensure their affairs are managed during their lives.
The Office of the Public Guardian has published a handy Infographic detailing some of the key stats and benefits to making an LPA. You can find it here.
By executing a Lasting Power of Attorney, you can choose who you would like to take care of your financial affairs when you are no longer able to do so. Some people prefer to ask a professional firm to act as their attorney simply because their family members are not able to assist, or because they prefer to have an independent person helping with confidential financial information.
We prepare and register LPA’s for a fixed fee of £399 plus VAT. A discount will be offered if we prepare two Powers of Attorney for spouses, civil partners or co-habitees. There is a registration fee of £82 payable to the Office of the Public Guardian upon registration of the Power of Attorney.
Contact us for further advice on 01792 468684 or email enquiries@pgmsolicitors.co.uk.
