Creating Lasting Powers of Attorney
Very few people have actually created a Lasting Power of Attorney (LPA). These can be made for property and financial decisions along with health and welfare decisions. They are designed to help someone make decisions if one day they cannot, through accident, illness or deteriorating condition. The number of LPAs registered with the Office of the Public Guardian have tripled in recent years and more people are becoming aware of them.
Losing mental capacity is not something people want to think about but if you do not appoint Attorneys under an LPA then you run the risk of someone, who you have not chosen, having to apply to Court to make decisions. This can cost at least three times as much as a Lasting Power of Attorney and take a lot longer.
Imposing Restrictions on LPAs
An LPA flexible. You would be able to impose any amount of conditions or restrictions within it to explain how you would prefer you Attorney(s) to assist you. You can specify how and when the LPA can be used, for instance before, or after, you have lost mental capacity. You can even set out whether you want an Attorney(s) to make life-sustaining treatment decisions.
We can provide expert advice on LPAs, including when they are suitable and when they may not be. We offer fixed fees for preparing an LPA and registering it ready to be used.
Call to speak with Rob Gore on 01606 74301 to discuss this and other estate planning requirements to ensure you are protected.