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Lasting Power of Attorney
Without a Lasting Power of Attorney in place, bank accounts, even jointly held bank accounts, can be frozen by your bank if you lose mental capacity. Losing mental capacity isn’t just something that happens in old age – none of us are immune to an accident. Anyone with bills to pay and/or dependents (spouse/partner/children) should plan for this eventuality.
If an individual loses mental capacity and has failed to plan for that eventuality, their next of kin will face a long, complex, intrusive and expensive Court process to gain control of their affairs. A Deputyship application will have to be made to the Court of Protection, which can take many months to complete and run into thousands of pounds of costs.
Creating and registering a Lasting Power of Attorney can be a complex and time consuming process for a non-specialist, meaning many law firms charge high fees. We create and register large volumes of these documents each year and are therefore able to do so at an extremely reasonable cost.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney is a legal document that allows an individual (the Donor) to appoint a person or people they trust (the Attorney/Attorneys) to manage their affairs. The Donor must have the requisite capacity to understand and make decisions relating to the Lasting Power of Attorney at the time of creating the document.
There are two types of Lasting Power of attorney – Property and Financial Affairs Lasting Power of Attorney and Health and Welfare Lasting Power of Attorney.
Jack Straw, former Lord Chancellor and Secretary of State for Justice, once said:
“We all know how important it is to plan for the future. Having a Lasting Power of Attorney (LPA)…in place should be as common and natural as making a Will. It ensures that a person of your choosing will be able to manage your affairs should you lose capacity, be it as a result of dementia, mental illness, a stroke or an accident.”
There’s plenty to think about when deciding on lasting powers of attorney and it’s important to take professional advice. Find out how to protect what you’ve worked hard for – call us on 0114 288 1104 or fill the form below to arrange a consultation.
“It was also recommended that I take out Lasting Powers of Attorney for myself, having only sorted my husband’s affairs out. I can honestly say that nothing about the process has been difficult or distressing.”