In the event that you became incapacitated, who would you want to look after your health, welfare, property, and financial affairs? Your family and friends, or the Local Authority?
If you care about what happens to your Estate after you die, you should care equally – if not more – about it whilst you’re still alive!
There are 2 types of Lasting Power of Attorney, you can choose to make one or both:
DON’T LOSE EVERYTHING
A Lasting Power of Attorney is one of the most important documents that you will ever have. Making a Lasting Power is the only way to:
- Appoint and empower people you trust to act as Attorneys and make decisions on your behalf.
- Save your loved ones time and thousands of pounds making a retrospective Deputyship application to the Court of Protection.
- Enforce legally binding conditions and restrictions on those making decisions on your behalf.
- Ensure decisions can be made immediately after you become incapacitated.
- Ensure your loved ones can access vital bank accounts/funds.
- Spare yourself and your loved ones unnecessary distress during an already difficult time.
WITHOUT A LASTING POWER OF ATTORNEY
Nobody likes to think that they may lose capacity, but the unfortunate reality is that many people do. If you become incapacitated without making and registering one or both Lasting Power of Attorney:
- It is too late to make one. You must be mentally capable to make a Lasting Power of Attorney, so if you do not have one by the time you really need it, then it is too late.
- All of your financial arrangements will be frozen.
- Loved ones will be denied access to your bank accounts, even if they are a joint-account holder.
- Loved ones must submit an application to the Court of Protection to be appointed as a Deputy.
- The Deputyship application process can take over 9 months and is very costly.
- You do not choose your own Deputy or have any input, so they may not be the person you trust the most to make vital decisions on your behalf. There is also a possibility that the Court may appoint a Court Official to act as your Deputy. If this happens, more costs will be incurred.
- Only one Deputy can ever be appointed at any one time. If a change of Deputy is required, the whole application process starts again and incurs additional fees.
- Deputies must be supervised by the Court of Protection, so annual supervision fees of up to £800 per year are payable.