A Lasting Power of Attorney (LPA) is the only way that someone (called the ‘Donor’) can choose other individuals they trust (called Attorneys) to manage their affairs if they lose mental capacity and are no longer able their affairs for themselves.
There are two types of Lasting Power of Attorney, one dealing with Property & Financial affairs, and the other for Health & Welfare matters.
If you have Lasting Power of Attorney in place, your ‘attorney(s)’, those you have nominated to represent you, can legally act in your best interest when you are unable to do things for yourself. The chosen Attorney(s) can make decisions in respect of the following:
Property & Financial Affairs
- Paying bills, including mortgage, rent and household expenses;
- Buying or selling the Donor’s home;
- Opening, closing or operating any bank, building society or other account;
- Receiving any income, inheritance or other entitlement on behalf of the Donor;
- Dealing with the Donor’s tax affairs;
- Insuring, maintaining and repairing the Donor’s Property;
- Investing the Donor’s savings;
- Making limited gifts on the Donor’s behalf;
- Paying for private medical care, residential care or nursing home fees out of the Donor’s funds.
Health & Welfare Matters
- Decisions regarding treatment and care;
- Deciding if they should have a knee replacement;
- What they want to buy, wear or where to shop;
- Where the Donor should live and with whom;
- Who may visit and who is excluded;
- Arranging holidays and outings;
- Making end-of-life decisions
- Considering where they like to die and the funeral arrangements.
Deciding to take out Lasting Power of Attorney is a very important decision. So it’s wise to seek professional advice.
At Sterling Wills Ltd, we explain all areas and take the necessary information to prepare each document. Once the documents are ready for signature, our consultants then explain which individual must sign where, ensuring that the document has been correctly completed.
We charge £220-00 including VAT for each type, so if both Lasting Power of Attorney documents are required, the cost is £440-00.
The documents must be registered with the Government organization known as the Office of the Public Guardian before they can be used. Depending on the financial position of the Donor, there could be a registration fee payable to the Office of the Public Guardian. If income is below £12,000 per annum; or, if the Donor is receiving certain means-tested state benefits, a reduction or exemption of this fee could apply.
The current full registration fee is £82-00 per Lasting Power of Attorney document.
Is Lasting Power of Attorney (LPA) really necessary?
Well, look at this way: you insure your home and vehicles – why would you think twice about insuring your mental health? Lasting Power of Attorney is just that: insurance against loss of mental capacity.