Protect your wealth and future care with our Lasting Power of Attorney Service
A Lasting Power of Attorney (LPA) is vital to keep your finances and future care out of danger.
Without one, your family won’t be able to make decisions about your finances or healthcare if you become unable to cope with these things yourself.
Their only option would be getting permission from the Court of Protection to manage your finances or make decisions about your care.
That could take over a year and cost thousands of pounds.
A court official could also be imposed to make decisions on your behalf – draining your finances even more.
So don’t risk your wealth or your future wellbeing. Read on to learn what a Lasting Power of Attorney is, what benefits it offers you and how we can help.
What is a Lasting Power of Attorney?
Your Lasting Power of Attorney is a legal document that recognises the people you appoint as ‘attorneys’. An attorney is someone who can make decisions on your behalf, should you lose the ability to do so for yourself. An attorney is normally a family member, but you can choose a professional such as an accountant. This can be helpful to avoid family conflicts.
There are two types of LPA: Property and Finance Affairs and Health and Welfare.
You can choose to make one type of LPA or both.
Property and Financial Affairs LPAs
A Property and Financial Affairs LPA enables your attorneys to administer and decide financial matters for you. This may include dealing with your bank accounts, paying bills, collecting pension payments, buying and selling investments and even selling your home. They can also seek help from a financial advisor if necessary. If you choose, you can place certain restrictions on what your Attorneys can do.
This type of Lasting Power of Attorney can be used as soon as it is registered, if you give your permission. Alternatively, you can ask for it to be used only when you lack the mental capacity to make your own decisions.
Health and Welfare LPAs
An attorney appointed to manage your Health and Welfare can make decisions about your personal health. This can include deciding on medical care, moving to a care home or undertaking life-sustaining treatment. It can also cover decisions about your daily routine – such as employing someone to help you wash dress and eat.
This type of LPA can only be used when you are unable to make decisions for yourself.
For any LPA to become legal, it must be signed by you and your attorneys and registered with the Office of the Public Guardian. There are many significant benefits of doing this, which we cover in the next section.
Benefits of a Lasting Power of Attorney
There are many significant benefits to drawing up a Lasting Power of Attorney. They include the following:
- You’ll get the care and treatment you want
You can instruct your attorneys about the care home you eventually want to go to. In addition, you can be more confident that they will take decisions about medical treatment that conform with your wishes.
- Appointing people you trust
If you don’t draw up an LPA, the court will choose who has the power to handle your affairs.
- Protection from fraud
People who lose the ability to make financial decisions for themselves are often preyed on by fraudsters. If your attorneys are responsible for your financial affairs, it gives you added protection from fraud.
- You can leave instructions
A Lasting Power of Attorney document allows you to specify preferences (which are not legally binding) and instructions (which are). It’s also a good idea to make sure your Will and any LPA are aligned.
- Peace of mind for you and your loved ones
If you don’t have an LPA, how will your loved ones pay your utility bills if you’re incapacitated? What happens if you need care and they can’t access your money? A LPA solves a lot of problems and ensures your family don’t have to undergo the stress and expense of applying for deputyship from the Court of Protection.
As you can see, setting up an LPA is wise planning for both your future, and that of your loved ones. But how can you go about setting up one that’s right for you? Read on to find out how we can help you with our Lasting Power of Attorney Service.
Don’t leave it too late
If you suddenly became unable to look after yourself, it would be too late to apply for a Lasting Power of Attorney – and as a result you would risk handing control of your wealth and future welfare to strangers.
Avoid this and draw up an LPA as soon as possible.
THP can help you do this. Our expert team has many years’ experience of drafting and getting LPAs approved.
Importantly, we guarantee our LPA applications will be accurate. Because they can take up to six months to be approved, they need to be drawn up correctly first time. We’ll make sure the process is as fast and as painless as possible.
In addition, if you would like us to act as an independent attorney, we can do this for you.
To find out more, click the button below to get in touch with our Lasting Power of Attorney team. We’ll help you protect your assets and your welfare for the future.
Our expert LPA team is headed up by Ian Henman, our legacy planning specialist. Feel free to get in touch with him today if you have any questions about Lasting Power of Attorney.
Want to learn more about LPAs and our Lasting Power of Attorney Service. You may find these blog posts helpful:
- Lasting Power of Attorney – what is it for?
- Powers of Attorney and Pensions – a good couple
- Lasting Power of Attorney – without it all could be lost!
- Lasting Power of Attorney – why is it so vital?
- Joint bank account with an elderly parent – the facts
- Financial planning advice for the elderly – Part 1 of 3
- Financial Planning for the elderly – Part 2 of 3
- Personal Financial Planning for the elderly – Part 3