What are Lasting Powers of Attorney and why should you set them up?

A Lasting Power of Attorney (LPA) protects your best interests and the best interests of your loved ones.

It can give you peace of mind that your affairs will be looked after if you are unable to do so yourself. This could be temporarily, due to an illness or accident, or because you lose the capacity to make decisions for yourself on a more permanent basis. These situations can arise at any age or stage in our lives.

A Lasting Power of Attorney is a legal document that allows you to appoint one or more people that you trust (Attorneys) to make decisions in your best interests, during your lifetime, when you are unable to do so.

A Financial Decisions Lasting Power of Attorney lets your attorney(s) handle and make decisions about your money and property. This can include paying bills, selling your property as well as managing your savings and investments.

A Health and Care Lasting Power of Attorney lets your attorney(s) make decisions about your medical treatment and day to day care, including where you live, what you eat, what medical treatment you receive and who you see.

If you have a Lasting Power of Attorney in place, it can take effect as soon as it is needed i.e. when you have lost mental capacity. If you delay setting up a Lasting Power of Attorney, it may be too late to do so when it is needed. The only alternative then is for someone to apply to the Court of Protection for a deputyship order, which is a costly and lengthy process.

The cost of setting up a Lasting Power of Attorney with full legal advice:-
One LPA – £300 + Vat + OPG Registration fee £82
Two LPA’s – £500 + Vat + OPG Registration fee £82 x 2
Four LPA’s – £ 800 + Vat + OPG Registration fee £82 x 4

If you wish to know more about Lasting Powers of Attorney please contact our private client team who would be more than happy to assist. We offer 30mins free appointments in person or by telephone. Please contact us to arrange an appointment on 01942 206060 or by e-mail to mbh@wigansolicitors.com