Lasting Powers of Attorney
There may come a time in your life when you are unable to manage your financial affairs or personal welfare, owing to some form of incapacity and you will need someone to act on your behalf.
Even when we are young, we can find ourselves incapacitated owing to illness or injury and it can be invaluable having a reliable person, who is able to manage your personal affairs and remove the anxiety of having unpaid bills, at a time when you most need peace of mind.
By creating an Attorney in advance ensures that if the worst were to happen, you can rest assured that both your financial affairs and personal welfare are in safe hands.
What will happen if I do not have a Lasting Power of Attorney?
If you do not have an LPA, an application has to be made to the Court of Protection for a Deputyship order. This has 3 main problems:
- Lengthy delays – the Deputyship order can take between 9 – 12 months. During this time accounts could be frozen, bills can’t be paid & insurance can’t be renewed.
- Substantial Costs – the application costs between £2,000 – £3,000 and if accounts are frozen you may have to pay from your own funds (this can be spouse; children; relatives etc)
- The final decision on who will deal with your affairs lies in the hands of a judge; this may not be the person you would want to deal with your affairs.