What is Lasting Power of Attorney (LPA)?
Power of Attorney, or Lasting Power of Attorney (LPA) as it is better known, is an official safety net whereby you can officially nominate, in advance, your choice of a person or people who may legally act upon your behalf either if you subsequently cease to be capable of making your own decisions for any reason, or if you choose and permit for such a person or people to subsequently act on your behalf because this suits you.
Informal agreements with banks, building societies, doctors, hospitals, solicitors, business contacts, creditors, debtors, etc., are a thing of the past. This is also the case for informal resuscitation and life support wishes. If an individual acting in any professional capacity takes instruction from anyone who does NOT have official authority to act for you, then that professional individual stands to be subject to legal proceedings if they make a mistake. Therefore, professionals and institutions are now understandably reluctant to act upon any unofficial and/or informal instructions.
Can my Selected Attorney(s) Overrule me?
NO – Under LPA, NO ATTORNEY YOU APPOINT HAS ANY POWER UNLESS YOU SUBSEQUENTLY LOSE YOUR MENTAL CAPACITY, OR YOU EXPRESSLY PERMIT YOUR ATTORNEY(S) TO ACT ON YOUR BEHALF.
I’ll Wait to Arrange LPA Until I Become Unwell
What if you SUDDENLY suffer a stroke or are involved in a road accident?
If LPA has not been arranged and you suddenly lose your mental capacity, then a suitable representative, usually a family member, must apply to a Court to obtain limited decision-making power on your behalf. This can take many months, even into years, and usually costs anywhere between £371* and £1,830*, PLUS an additional security bond fee in relation to a patient’s finances initially, PLUS ongoing annual costs of between £35* and £320*. These figures vary due to the specific nature of each individual application. *Figures correct as of February 2024.
Having LPA in place before you lose your mental capacity (if ever) will avoid all the above costs, risks and constraints thereafter. The comparative maximum one-off cost to a person if they arrange LPA in advance through TRF Wills is below £350.00 (NO VAT).
Why do People NOT Arrange LPA in Advance?
There are various reasons why people ignore the option to arrange Power of Attorney whilst they maintain their mental capacity. They may find the term confusing. Some people believe that this is only a consideration after serious illness has occurred to them, and others have a sense of invincibility which has convinced them that Power of Attorney does not apply to them.
Do Not Ignore Lasting Power of Attorney (LPA)
By ignoring Power of Attorney, we are merely handing a lot of stress and cost over to our loved ones if we subsequently lose our mental capacity.
This would also be the case in relation to your BUSINESS affairs if you run your own business.
For further details WITHOUT consultation fees or obligation, please visit TRF Wills
TRF Wills (TRF) was created by Michael Cotterill in 2005. He is a member of the Society of Will Writers and registered with the Information Commissioner’s Office.