What happens if you are no longer able to deal with your financial affairs or make decisions about your care due to mental or physical incapacity?
Without a Lasting Power of Attorney (LPA) in place, a relative or friend will have to apply to the Court of Protection for a Deputyship Order. However, not only can this take quite some time, during which no one is able to look after your affairs, but it costs far more than LPAs (the application fee is £400 instead of £82 for an LPA). In addition, your Deputy has to keep detailed accounts and send reports to the Office of the Public Guardian each year and there is also an annual supervision fee.
There are two types of LPA – one for property and financial affairs and one for health and welfare matters. You can choose to make one or both of them, but it is important that you do so while you still have capacity, even if the LPA is not going to be used immediately.
Because LPAs give someone else control over your finances and/or care, they are not something to be entered into without a great deal of thought, but there are numerous safeguards in place and you can include restrictions on what your Attorney(s) can do. You can also ensure that the LPAs are not used until you become incapable of dealing with matters yourself.
Please call or e-mail me for more information about making Lasting Powers of Attorney (or Deputyship applications if required).
Charges: Single Lasting Power of Attorney (Property & Financial or Health & Welfare) £90
Two Lasting Powers of Attorney £160
Assistance with Deputyship applications £60 per hour
In addition to these charges, you also have to pay a registration fee of £82 for each LPA direct to the Public Guardian.
However, if your gross income is less than £12,000 per year the registration fee is reduced by 50% and if you are in receipt of certain means-tested benefits, the application fee is waived. My fees include completing the form to claim that the registration fees be reduced or waived.