5 Reasons to set up a Lasting Power of Attorney (LPA). There are two types of Lasting Power of Attorney :-

• Property and Financial Affairs, and
• Health and Welfare

5 Reasons to set up an LPA

1. Peace of Mind: With a Lasting Power of Attorney (LPA) in place you are assured that your affairs will be taken care of by someone you trust. Particularly, if you are unable to make decisions for yourself.
2. You can control who makes the decisions: By setting up an LPA, you can choose who will make decisions if you are unable to do so. You can also provide instructions for your Attorney and any preferences you would wish to be taken account of.
3. Costly legal proceedings are avoided: What would happen if you become mentally incapacitated and you do not have an LPA in place? Critically, your loved ones may have to go through a costly and time-consuming court process to appoint someone to make decisions on your behalf. Notably, there are also annual supervision costs charged by the Court of Protection. So an LPA is significantly cheaper than a Deputyship. It costs £82 to register an LPA, whereas the court fee alone for making a single Deputyship application is £385. Additionally, once a Deputy is appointed, there are annual supervision fess of circa £325.

2 more Reasons to Set up a Lasting Power of Attorney (LPA)

4. Protecting your Assets: Furthermore, with an LPA in place, your Attorney can make decisions about your finances. Chiefly helping to manage and protect your assets. For example, many people now use some form of drawdown arrangement to take their pension. This can require decisions for both the withdrawals and the underlying investments. Besides, this won’t be possible if you have lost capacity and don’t have an Attorney in place. Attorneys are expected to keep proper records (accounts, receipts, invoices etc). So you might want to bear this in mind, when selecting your Attorney.

5. LPAs are Flexible: Finally, your circumstances and needs may change. For instance, if one of your Attorneys were to pass away or become ill, you may need another person to take this role. However, you can update your LPA whenever you need to. So you can be sure that the document is always relevant and effective.

5 Reasons to set up a Lasting Power of Attorney (LPA). To see how we can help, contact us today on 01603-957599.