The cost v. benefit of a Lasting Power of Attorney

If you were to lose mental capacity, a Lasting Power of Attorney (LPA) is an important legal document to help safeguard your assets and protect decision making. Mental capacity can be lost through accident or illness although an LPA can be used simply for convenience if you have one of these and want your Attorneys to help you with your finances.

A General Power of Attorney, enabling someone else to deal with your transactions would help, but if you were to lose mental capacity it would no longer be able to be used. This is when the benefit of an LPA becomes apparent, and outweighs the few hundred pounds in cost. An LPA would continue if you were to lose mental capacity. For instance, your Attorneys could make a decision for you when you cannot do this yourself. If you have sole name bank accounts, or a house in your name, and do not have an LPA, a Court Order would be required to deal with transactions on your behalf. This could take months to arrange and cost about three times as much as an LPA.

An LPA can be specifically for financial transactions or for healthcare decisions. These could be relevant if you, or a relative for instance, may be concerned about care fee financing and residence arrangements.

If you think an LPA could help if you were to lose mental capacity, and it certainly could if you have assets that may require dealing with, then speak with one of our experienced team members.

Call Melissa Hamilton or Robert Gore on 01606 74301 to discuss LPAs further.