Unless you take steps now to decide who you would like to deal with your financial affairs should you be unable to do so yourself, your family will be left with no alternative but to make an application to the Court of Protection.
The Court will then decide who should act for you. This process is both costly and time consuming and can easily be avoided by make a Lasting Power of Attorney whilst you still have capacity to do so.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a legal document that you ("the Donor") can make. It will enable you to choose one or more people ("the Attorney") who you trust to deal with your financial affairs on your behalf either when you are no longer able to do so due to physical or mental incapacity or simply when you no longer wish to deal with these matters yourself.
Who can I have as my Attorneys?
Your Attorneys can be anyone over 18 who is not bankrupt and who you would trust to have access to your Bank Accounts, savings and other financial assets.
You can have one or more Attorneys and have the choice as to whether they can act independently of each other or all have to act jointly.
You can choose whether your Attorneys have access to all of your money and property or whether you restrict the authority to act to certain Bank Accounts or certain assets.
When can my Attorneys use my LPA?
In order to safeguard you further the LPA can only be used by the Attorneys when it has been registered with the Office of the Public Guardian (OPG).
Your Attorneys would be able to:-
- pay your bills including any care fees
- manage your Bank Accounts
- manage your investments
- collect your pension
- sell your home
How much will it cost?
The charge for drawing up an LPA on your behalf is £245 plus VAT. We would strongly recommend that you register this with the OPG now. The charge for registering your LPA is £150 plus VAT and there is a fee payable to the Court of £110.
Storage of your LPA
Once your LPA has been completed we are happy to store it free of charge until such time as it is required.
Personal Welfare LPAs
It is also possible to have an LPA to deal with matters such as:-
- giving or refusing consent to medical treatment
- what level of care and accommodation is appropriate for you.
What are the benefits of using Goodhand & Forsyth?
• Our lawyers have:
- specialist legal qualifications
- many years' experience
- are approachable and sympathetic to your needs
• All our work is insured
• We are able to:
- Talk to you about your wishes
- Discuss who would be the best people to be your Attorneys
- Send a draft LPA to you to check over
- Assist in arranging for you to sign the original LPA
- Arrange for the LPA to be signed by your Attorneys
- Deal with the registration of your LPA
- Store the original LPA free of charge
- Provide you with a copy to keep with your papers
If you wish to make an appointment in Guildford or require further information please contact us on 01483 679 373