Why is a Lasting Power of Attorney important?
A Lasting Power of Attorney, formerly known as “Enduring Powers of Attorney” before legislation changed in 2007, enables your loved ones to manage your affairs if you are unable to.
If you anticipate losing the ability to make choices for yourself and want to make sure that your money and well-being are managed by someone you can trust, an LPA is a crucial document to take into account. It can give you reassurance that if and when you need it, someone you can rely on will be there to make decisions for you.
Making preparations in advance might also benefit your family and friends. It can make the process of getting you the help you need far smoother and quicker than if no LPA were in place.
Do you need a Lasting Power of Attorney?
You might believe that since your spouse would take care of you in the worst-case scenario, you won’t need an LPA. Unfortunately, that is not necessarily true; a Lasting Power of Attorney is still essential.
If an LPA is not in place before you lose the mental capacity, your loved ones will have to petition the Court of Protection for a deputyship. This can be a time-consuming, expensive process, which your loved ones will have to endure during an emotionally challenging time.
The best way to avoid this is to take charge by making your Lasting Power of Attorney while you can still do so. This will not only help your family in the future but also give you peace of mind in the present. Here at Omni Lifetime Planning we can advise you on the steps needed to make your Lasting Power of Attorney and ensure your wishes are taken into account should you ever need one.
The Responsibilities of an LPA?
There are two types of LPA.
A Property and Financial LPA enables the person or people you select to manage your financial affairs, including bills, assets, compensation, and bank accounts.
A Health and Welfare LPA gives your designated person or people the authority to choose your care, including where you reside and what treatments you get.
It is important to note that the people you select are only able to utilise their “powers” if you are unable to handle these issues on your own.
How can I appoint a Lasting Power of Attorney?
Making an LPA does not necessarily require the services of a solicitor. Estate planners will also be able to support you with this. Here at Omni Lifetime Planning we have the right services in place to help you make your LPA and can offer advice to help you plan your estate.
How long can the LPA Registration take?
LPA Registration currently takes 20 weeks; however, if an error or unanticipated circumstances arise, the application may be further delayed.
The registration fee is £82 per person and per power, but if you meet the requirements, you could be entitled to a discount or an exemption.
At Omni Lifetime Planning we are on hand to help you put in place your Lasting Power of Attorney, and help plan your estate for the future. Get in touch with one of the team today, and we help you through the process.