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Lasting Powers Of Attorney
What is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a legal document that allows you to choose people whom you trust to make important decisions on your behalf when you lack the mental capacity to do so yourself. This may happen due to old age, an illness or an accident and is unforeseeable.
There are two types of LPA:
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Property & Financial Affairs (allowing an attorney to make decisions about paying bills, dealing with the bank, collecting benefits, selling your house, etc.) |
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Health & Welfare (allowing decisions on treatment, care, medication, where you live, etc.) |
Why make a Lasting Power of Attorney?
An LPA allows you to plan in advance. There is no knowing what will happen in the future and there is the possibility you may begin to lose the mental capacity to make important decisions about your health or finances. If you are no longer able to manage your affairs, without an LPA in place, the Court of Protection will appoint a DEPUTY to manage your affairs for you. This might not be someone you would have chosen to act on your behalf.
This will involve paying legal costs, deputy fees and other related costs which will prove to be expensive. In addition, there can be long delays before a deputy order is issued. Having a deputy act on your behalf instead of someone you know and trust means they will not be aware of your personal circumstances and you will not know if they will deal with things how you would have wanted.
The costs for a Deputyship to be arranged and for them to act on your behalf can run into thousands of pounds. Establishing the right LPAs now will cost much less.
Therefore it is best to create your LPA now as if you leave it till later, you may never get round to it… and this could end up in the hands of the Court of Protection.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice
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