Why do you need an LPA?
It is common knowledge that we should all have a will, or we take the risk that our wishes may not be abided by, but all too often we do not even consider giving a Lasting Power of Attorney (LPA) or just put it off to a later date, by which time it may well be too late. There is also a misconception that an LPA has to be something that you only need to consider once you reach a certain age but anyone can lose capacity at any point in their lives, whether it be through an accident or illness. The Alzheimer’s Society estimates that by 2025 there will be one million people that will be living with Alzheimer’s and it will be essentially impossible for these people to deal with their own finances.
An LPA appoints someone you trust to deal with your finances and/or health and welfare in the event that you lose mental capacity at some point in the future. An LPA could be considered as an insurance policy of sorts as it may never be used but just in case, it is there. LPAs are a legal document that are recognised by all financial institutions, care homes and local authorities etc. so your chosen attorney will simply need to present the document to the relevant institution in the event you lose capacity.
Once you have lost capacity your family member or carer will not be able to access your finances, including your pension etc. and as you will not be able to make an LPA they will have to apply to the Court of Protection for a Deputyship order. A Deputyship order will essentially provide the same thing as an LPA but it can take any where between six months and a year to complete, whereas an LPA would be ready to use as soon as you lose capacity. This will mean that your family or carers may well have to fund your care, housing, food etc. themselves during this time until the order is made.
It is also possible to give a Lasting Power of Attorney to someone who you may wish to make health and welfare decisions for you when you are unable to do so yourself.
As well as the time factors, a Deputyship Order is also much more expensive than an LPA for example our fees can be in the region of £1,500 plus approximately £125 doctors fee to complete the paperwork to confirm that you are no longer able to manage your own financial affairs, plus the £400 Court of Protection application fee.
In contrast our fees for an LPA are considerably less and we are also running a promotion throughout February giving 33% off LPAs. The initial appointment has to be in February. The prices when the discount is applied are:
Single LPA - £500 + VAT + Registration Fee £110 = £710 (a saving of £300.00)
Couple’s LPA - £670 + VAT + Registration Fee £2200 = £1024 (a saving of £396.00)
If you have any queries then please do not hesitate to contact us at J A Hughes and a member of our experienced team will be more than happy to help you.