Lasting Power of Attorney
Published on October 28, 2016 by Darren Leggett
It is a common belief that organising a Lasting Power of Attorney (LPA) is something that can be left until our later years; that the urgency is not great if you are young and healthy. This is simply not the case. Unfortunately, life can be unkind, and should an accident happen or illness hit, an LPA could make life much easier at a difficult time.
So, what happens if you do not have an LPA in place and the worst should happen? Well, a third party will need to apply to the Court of Protection to be appointed as your deputy. This person may very well be someone you do not want to handle your affairs, or there could be family disagreements as to who should apply.
The process can take weeks and once the deputy has been appointed, they will need to submit their accounts for the court to review on an annual basis. In short, the upset that this process can cause is overwhelming.
There are two types of LPA.
Lasting Power of Attorney for financial decisions can be used when someone still has mental capacity. The deputy / attorney can make decisions on matters such as:
- Buying, selling and making repairs to property
- Paying the mortgage and bills
- Investing money
Lasting Power of Attorney for health and care decisions can be used when someone loses capacity. In this instance the deputy / attorney can make decisions on:
- Where you should live and who you should have contact with
- Your medical care and what you should eat
- What activities you should take part in
Ensuring the right person is in place is vital for your peace of mind, so why wait? Just because you have set up an LPA, you don’t need to activate it until the time comes.
Once you are ready to activate your LPA, it must be registered with the Office of the Public Guardian. Either yourself or your attorney can apply to register the Power.
At Executor Solutions, we have helped countless deputies manage and sell properties when the time has come. Whether the property is now surplus to requirements, or care home fees need to be settled, our team are able to offer the support required at what is already a stressful time.
As everything we do, and every piece of advice we give is backed up in writing, the deputy (be it the solicitor or friend / family member) can have complete peace of mind. Contact us today for more information.