Q&A Lasting Power
Lasting Power Of Attorney FAQs
Many people are now living much longer and more of us may be affected by incapacitation or long-term illnesses which could require specialist care and on-going support. It is therefore essential you have the right advice to protect your property, hard earned assets and welfare. A Lasting Power of Attorney can help protect you and your loved ones from further stress in the event of any such circumstances occurring.
WHAT EXACTLY IS A LASTING POWER OF ATTORNEY (LPA) DOCUMENT AND WHAT DOES IT DO?
An LPA will allow your appointed Attorneys (person(s) you choose) to handle your affairs should you become physically or mentally incapable of doing so yourself.
For example….you may in later years suffer some form of disability dementia or Alzheimer illness, which leaves you unable to handle your day-to-day affairs. The LPA would allow your Attorney to handle all such matters on your behalf… i.e. paying bill, nursing home or care fees, even to selling your property to ensure monies are available to offer you the best possible care.
DOES THE LPA DOCUMENT LOOK AFTER ALL OF MY AFFAIRS?
- Property and Affairs Only
- Welfare Issues Only
CAN THE LPA BE USED WHEN I AM STILL ABLE TO MANAGE MY OWN AFFAIRS?
No… The document can include any restrictions on use you may require.
Generally all LPA’s would have a restriction to protect you stating, “This document is not to be used unless I have lost all capabilities of handling my own property and affairs issues.”
CAN I MAKE AN LPA DOCUMENT AT ANY TIME?
No… To make an LPA you must have full mental capacity and be in position to fully understand what you are undertaking. It is not possible to make an LPA if you have lost mental capascity or the capability to give your own instructions.
WHAT HAPPENS IF I DO NOT HAVE AN LPA AND I LOSE CAPACITY?
Where there is no LPA in existence a member of your family or a representative would have to apply for a Deputy Application Court Order on your behalf. This would enable a named person(s) to handle affairs on your behalf. The Court Order currently takes between 6-8 months to obtain, and there are court costs incurred currently between £1800-£2000.
This type of order involves more work for your family or appointed representative and is therefore time consuming and costly.
During the period waiting for the Court Order to be granted there may be problems in paying even your simple day to day bills, nursing home and care fees which could result in you incurring additional interest charges due to late payment.
We hope this has been some assistance and you will consider strongly going ahead and arranging an LPA document for yourself. If you have further questions or would like to discuss this further please do not hesitate to contact our office on: 0161 797 4000 or fill in our ‘Request a Callback’ form to have us call you.
We can arrange an appointment in one of our local offices or the convenience of your own home.