Why you should think about having a Lasting Power of Attorney
If you are concerned about losing the ability to manage your finances or about who will make decisions about your welfare in later life, you could think about making a Lasting Power of Attorney and who better than the best power of attorney solicitors London to handle it for you.
This is a legal document that allows you to plan what should happen to you and who would be able to make decisions on your behalf, if you become unable to make decisions for yourself in the future.
Putting a Lasting Power of Attorney in place offers added security for you and your family and lets you decide what should happen if at some point in the future you cannot deal with your own affairs.
You can give instructions on what should happen to your money and your property and by putting a Lasting Power of Attorney in place you can provide a great deal of reassurance for your loved ones. Letting Lasting Power of Attorney solicitors take control and guide you in deciding who makes decisions for you is always a good idea.
If you have any such requirements of a lasting power of attorney and need to talk to experts, feel free to get in touch with us.
What is a lasting power of attorney?
A lasting power of attorney is a legal document that allows you to appoint one or more persons to make decisions on your behalf. Lasting power of attorney can be used to make decisions concerning financial, health and general well-being concerns. This power will come into effect only after the donor (the authorizing person) loses the mental capacity to make decisions.
You can prepare an LPA using the lasting power of attorney form available online or using traditional paper forms. However, you should register the same with the Office of Public Guardian.
Why do I need a lasting power of attorney?
You need a lasting power of attorney if you think you will ever lose your mental capacity to make clear decisions in the future. You can also think of making an LPA if you are diagnosed or suspect of a debilitating mental illness that might prevent you from making sound decisions in the future.
Some of the mental health issues, including:
- Medical Side effects
- Injuries to the Brain
- Drug or Alcohol Abuse
You can also use a lasting power of attorney to let others manage your affairs if you no longer wish to make financial and health decisions for you.
Do I need a solicitor for lasting power of attorney?
No. You don’t need a lawyer to make a lasting power of attorney.
It is always good to get credible legal advice before registering the lasting power of attorney form. It is better to seek the help of a lasting power of attorney solicitor who can guide you and help you understand the implications, alternatives and risks involved in this process. To ensure there is no risk of abusing the powers given in the LPA document, we suggest you get in touch with our experienced solicitors right away.
How much does a solicitor charge for power of attorney?
You might be tempted to go with the DIY method of creating an LPA, which can keep your costs down. But you should remember that the risks you take when not seeking a lasting power of attorney solicitor will offset any lasting power of attorney costs you might incur.
Of course, if you are going to make the LPA by yourself – without seeking help for the power of attorney solicitors, you only have to pay the court charges to register the fees. There is a possibility of getting an exemption or at least a reduction in court fees if you prove your poor financial circumstances or receipt of income-based benefits.
While the DIY method can save you some money, but it comes with more than its fair share of risks. The lasting power of attorney costs will include legal advice, drafting paperwork, filling the form and registering, acting as witnesses and certificate providers and handling any issues that might come up during the process.
How do you cancel a power of attorney?
As a donor, you have the right to cancel your Lasting Power of Attorney – as long as you have the mental capacity.
To legally revoke power of attorney, you must first fill in and sign a document called Deed of Revocation. It is better to seek legal advice from your lawyers to cancel power of attorney. Once the forms have been completed, signed and witnessed, you must send copies of the documents to your attorneys.
If you want to remove one or more attorneys from the LPA, you have to send a written Partial Deed of Revocation statement to the Office of Public Guardian.