Are Powers of Attorney important?
Posted on 7th November 2023
A Lasting Power of Attorney is a legal document where you can appoint people you trust to manage both your property and financial affairs, as well as make decisions on your behalf regarding your healthcare. The Health and Welfare Lasting Power of Attorney can only be used by your attorneys once you have lost capacity. However, the Property and Financial Affairs Lasting Power of Attorney can be used when you still have capacity, as well as when you lose it.
A common misconception, that our Lasting Power of Attorney solicitors hear a lot, is that people believe their next of kin, such as their spouse or children, can simply make these decisions automatically. This is not the case. No one has any legal authority to deal with your finances or make health decisions, if you lose capacity to make these yourself. In fact, not having the correct legal authority often causes stress for your loved ones, as they find themselves a little helpless and can often feel frustrated that they cannot help you.
All is not lost, and if a person does not have capacity to make Lasting Powers of Attorney, their loved ones can apply to the Court to be appointed as their Deputies. However, our Lasting Power of Attorney solicitors warn that these applications take time- usually around 12 to 18 months- and they require lots of information to be submitted to the Court, as well as having a full mental capacity report prepared. The cost of such applications can range from £1,500 to £2,000, depending on the cost of the medical report, which- as can be seen below- is far more expensive than simply getting Lasting Powers of Attorney in place before its too late.
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So, when should I make Lasting Powers of Attorney?
Many people wait until they reach old age to consider making Lasting Powers of Attorney, often because they feel too young to do it before they reach a certain age, they feel like they are giving away their freedom, or they may even feel they are tempting fate. Our Lasting Power of Attorney solicitors are here to tell you that everyone should consider making Lasting Powers of Attorney, no matter your age, financial position, or other factors. You can include restrictions in the document, to control their use, and it is important to remember that whilst you have capacity, you have the freedom to revoke and change the documents as often as you want. For example, if your circumstances change and you no longer wanted the same attorneys, you could revoke your Lasting Powers of Attorney, making new documents to reflect the new attorneys you want to act.
If you put Lasting Powers of Attorney in place now, you do not need to worry about what will happen with your affairs in the future, as you will have already appointed people you trust, and who you know will act in your best interests, to make decisions on your care, and manage your financial affairs.
Making Lasting Powers of Attorney in advance, and before losing capacity, can also prevent any questions being raised regarding the validity of the documents, and whether you had the necessary capacity to make them, because you have had them in place for so many years, and had capacity since, that there is generally no issues.
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Are MG Legal, Solicitors for Lasting Powers of Attorney, near me?
Yes: our team at MG Legal are Solicitors for Lasting Powers of Attorney ‘near me’ who can assist you with the preparation and registration of the documents with the Office of the Public Guardian. Costing just £450.00 plus VAT for the legal aspect of preparing both LPA documents, you can get your affairs in order today, without breaking the bank. Contact our Lasting Power of Attorney solicitors, using the form above, and a member of the team will be in touch within one working hour.
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