3 April 2017
Lasting Power of Attorney application fees decreased on 1st April 2017 from £110 to £82.
Too few of us know how important it is to consider a Lasting Power of Attorney (“LPA”). If you were to lose your capacity or ability through accident or illness, handling your financial affairs becomes almost impossible.
An LPA is a simple and cost effective method to ensure your affairs are looked after. If you do not have an LPA and you are no longer able to look after your affairs, your relatives may face long and costly delays in applying to the Court of Protection to gain access and control of your finances or to make decisions about your care.
An LPA can be set up with or without the help of a solicitor.
There are two types of LPA: property and financial affairs and personal welfare. The property and financial affairs LPA is designed to allow attorneys to make a range of financial decisions such as; buying and selling a property, dealing with tax affairs and operating bank accounts. The personal welfare LPA gives attorneys the power to make decisions relating to where you live, consenting or refusing medical treatment and day to day issues such as diet and dress.
The property and financial affairs LPA can be used at your direction whilst you have capacity and also by the attorneys should you no longer have capacity to make the directions. The personal welfare LPA can only be used if you lose capacity to make decisions for yourself.