Do I need a Power of Attorney? [19/01/2016]

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“Why should I make a Lasting Power of Attorney (Property and Affairs) and or a Lasting Power of Attorney (Personal Welfare)?”

The answer is far more straightforward than the question:-

If you care enough about what happens to your assets after you die, you ought to care even more about keeping both them and yourself safe whilst you are alive.

You can look after your property and assets and associated affairs by making a Lasting Power of Attorney – Property & Affairs (an ‘LPA-PA’) and your personal welfare and healthcare by a Lasting Power of Attorney – Personal Welfare (an ‘LPA-PW’).

An LPA-PA enables you to direct who will look after your assets, property and the LPA-PW your health and welfare. If you become unable to manage your own affairs or make decisions your chosen Attorney can act and make decisions for you straight away.

If you do not have an LPA-PA or LPA-PW and you become unable to manage your own affairs or make decisions then the only way for a relative or other person close to you to deal with your financial matters and personal welfare is by an application to the Court of Protection. This can take up to 10 months and cost at least £1,800.00 during which time your finances could be seriously damaged and decisions regarding your healthcare could only be made by the doctor treating you. The person authorised by the Court to handle your affairs and make decisions may not be the person you would have chosen and may even be a Court Official who can (and will) charge for his/her time. If your Deputy is not a court official they will also have to provide a ‘security bond’ of a least £200.00 per annum, as well as the on going costs charged by the Court of up to £800.00 per annum as a supervision fee.

Do not leave dealing with your LPA-PA or LPA-PW until it’s too late as you must be mentally capable to make it. Who can put a price on peace of mind?

If the above concerns you please contact your solicitor who will further explain the process and the costs, which are considerably less than applying to the Court of Protection.