Setting up an LPA can be a straightforward process, but it’s important to do it while you still can. Don’t leave it until it’s too late – take steps now to ensure that your wishes are respected in the future.
Being hospitalised suddenly or suddenly losing mental capacity can happen to anyone and in a moment sadly.
Did you know, 72% believe incorrectly that in hospital the next of kin will always get the final say in treatment decisions if the patient is unable to make decisions for themselves.
Just think of a serious road traffice accident and your family or loved ones not being able to even speak with the car insurance company or your bank to help with the most basic of things.
There are two main types :
Property and Financial Affairs (LPA PA)
A Property and Financial Affairs LPA allows the people you trust to look after your bank accounts, pensions, and investments as well as all other financial assets and property. It also gives them the ability to pay your utility and care bills on your behalf with the minimum hassle. We can set it up so that it can be used right away, so they can lend a hand when you want them to, or we can set it up so that it can only be used if a time comes when you are unable to make these decisions yourself.
Health and Welfare (LPA HW)
A Health and Welfare LPA covers decisions about all aspects of your healthcare and personal welfare, including decisions about who is looking after you and where. It also allows your loved ones to make decisions on your behalf about medical treatment if a time were to come when you were no longer able to make those decisions yourself. A Health and Welfare LPA is made now, but can only be used if a time comes when you can’t make these decisions for yourself.
What is a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a legal document that allows a person (otherwise known as the donor) to appoint someone they know and trust to make decisions on their behalf should they become unable to do so in the future. This person is called an attorney. Attorneys must always act in the best interest of the donor. It is important to add at this stage that you must have the capacity in order to have an LPA put in place.
Why a Lasting Power of Attorney is important?
If you have an accident or illness, other people may need to make decisions about your health and finances.
A lasting power of attorney lets you choose who those people are and what decisions they can make – so you know they’ll be acting with your best interests at heart.
What decisions can be made by your attorneys on your behalf with a Property and Financial Affairs LPA?
Having this LPA in place will give your attorneys the authority to make the following decisions on your behalf:
- Ensure, maintain, or repair the donor’s property
- Managing bank accounts
- Paying bills i.e. mortgage, rent, and other household expenses
- Claim income and benefits for the donor
- Making decisions with regard to the home
- Buying or selling property
- Managing investments
When does the LPA come into enact?
The donor can decide when they want the attorneys to be able to make decisions on their behalf which is either when the donor has lost capacity or alternatively, as soon as the LPA is registered.
What is the cost to register an LPA and what is the turnaround time?
A Property and Financial Affairs LPA can only be used once it has been registered with the Oce of Public Guardian (OPG).
There will be a registration fee payable to the OPG when the LPA is submitted to them. The current cost is £82 per LPA. If you are on a low income or receive benefits, you may be eligible for fee remission. An additional form (Form LPA120) will need to be completed if you are applying for reduced fees. Registering your LPA with the OPG can take up to 16 weeks or possibly longer depending on the volume of applications they receive so it is important you register your LPA as soon as possible.