A property and affairs Lasting Power of Attorney (LPA) gives you the power to choose a trusted family member or friend (or a professional such as a solicitor) to make decisions on your behalf about your finances should you not be able to do so.
For example the attorney could manage your bank accounts, savings, pension, benefits etc.
Financial institutions will not accept instructions from anybody else unless they have been appointed as an attorney or, failing that, they have obtained an Order from the Court.
What if I haven’t made an LPA?
If you have not made an LPA then, if you lose capacity to make decisions yourself, the only way someone can make decisions on your behalf and deal with your finances is by an application to the Court of Protection. You lose the ability to choose who you want to look after your financial affairs and (more often than not) a family member is left with an application to Court.
As well as the considerable initial cost of the application and the consequent delay there are also annual fees payable to the Court and to insurance brokers as a condition of the appointment. The Court supervision fee could presently be as much as £800 per year and the annual insurance premium can be as much as £1,000 per year. These fees would be payable from your own assets every year.
There is always the possibility that the person who is appointed by the Court to look after your affairs if you have not made an LPA is not the person you would have chosen yourself had you made the decision.
Why choose Linder Myers?
Sadly we sometimes find people leave it too late to make an LPA and lack the necessary understanding to do so. We recommend everyone over 18 years of age makes an LPA to ensure arrangements are in place for the future.
We have a dedicated team of lawyers specialising in issues concerning Lasting Powers of Attorneys. Some clients choose to have a professional look after their affairs. However, if we act as an Attorney for you we are not able to act as a Certificate Provider. As part of our service we will help you find a Certificate Provider and guide you personally through the entire process.