Lasting Power of Attorney

The need to plan ahead becomes more and more critical as we grow older. At Paradigm, we recommend that you factor choosing a trusted Power of Attorney into your plans to ensure your affairs are in good hands in the event that you are unable to manage them yourself.

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What is a Lasting Power of Attorney (LPA)?

An LPA is a legal document that allows you (the donor – also known as ‘the person giving this Lasting Power of Attorney’) to choose a person/person that you trust (attorney/attorneys) to make decisions on your behalf at a future time when you may not be able to, or simply no longer wish to.

You can create two types of LPA:

1. Property and Financial Affairs LPA

This type of lasting power attorney Leicester gives your allocated representative the authority to deal with buying and selling your property, managing investments, dealing with your bills, bank accounts, collecting benefits or other income – unless restrictions are included to the contrary, and allows them to sign on your behalf. These are also valuable documents for business owners who are sole traders, partners, and sole directors/shareholders.

2. Health and Welfare LPA

This type of LPA covers health and care decisions and even where someone is to live. This document can only be used when the donor has lost mental capacity. Unless restrictions are included, the Attorney can do anything the donor would have done regarding personal welfare, for example:

Where and with who you should live
Day-to-day care
Consenting and refusing medical treatment
Arranging treatments such as dentists, doctors etc
Life-sustaining treatment decisions can also be made by the Attorney, but only if the donor directs

Who can act as my Attorney (s)?

Should you be unable to manage your affairs, an LPA ensures that you have an appointed person who can manage your financial life on your behalf. Having an Attorney can save a great deal of money and distress and will ensure that your affairs will be handled correctly and quickly.

You must select your power of Attorney London very carefully; they should be trustworthy and have a duty to act in your best interests, considering your needs and wishes.
You can choose a close friend, relative, or legal professional as your lasting power of Attorney. They should be over 18, have full mental capacity, and not be bankrupt. You can appoint more than one person to act, but you will need to decide how to appoint them. You can also appoint a substitute just in case something happens to an Attorney in your lifetime.

Without an LPA

If you lose the capacity to manage your personal affairs without a valid lasting power of attorney drafted by experienced consultants in Leicester they will become the responsibility of the Office of the Public Guardian. Your affairs would then be placed under the jurisdiction of the Court, which appoints a Deputy to act on your behalf and is then answerable to the Court. This can be an expensive route, as Court approval is required for any act taken, accounts have to be submitted to the Court every 12 months, and financial decisions are not made by close family or friends.

If you lose mental capacity without a lasting power of attorney in place, it will be necessary for your family to apply to the Court of Protection to have a deputy appointed to deal with everyday financial matters. This is a slow and costly process, amounting to thousands of pounds.

Joint bank, building society, and business accounts can be severely restricted if one of the account holders loses mental capacity and there is no registered LPA. The restricting of a joint account has severe implications, as the joint owner cannot freely withdraw what is their own money without an order from the Court of Protection. This could be devastating, especially if the joint owner has their only form of income, such as their pension, paid into this joint account.

FREQUENTLY ASKED QUESTION

Why should I set up a Lasting Power of Attorney?

Setting up an LPA ensures that your financial, property and healthcare decisions are managed by someone you trust if you lose mental capacity. Without an LPA, your family may have to apply to the Court of Protection, which can be expensive and time-consuming. An LPA gives you control over who makes important decisions for you, reducing stress for your loved ones and avoiding legal complications.

How does a Lasting Power of Attorney differ from a general power of attorney?

A general power of attorney is temporary and only valid while you have mental capacity. It is often used for short-term situations, such as managing finances while abroad. A Lasting Power of Attorney, however, remains in effect even if you lose mental capacity. It provides long-term protection and ensures your chosen attorney can continue managing your affairs.

How long does it take to set up a Lasting Power of Attorney?

The process involves completing and signing the necessary forms and registering the LPA with the Office of the Public Guardian (OPG). This usually takes 8 to 10 weeks, assuming there are no errors or objections. It is advisable to set up an LPA in advance, as delays could leave you without legal protection when you need it most.

How can I change or cancel my Lasting Power of Attorney?

If you have mental capacity, you can change or cancel your LPA at any time. To cancel an LPA, you need to:

Create a Deed of Revocation confirming your decision.
Notify the Office of the Public Guardian in writing.

If you wish to change details such as your attorney, you must revoke the existing LPA and set up a new one.

Are there any age restrictions for setting up a Lasting Power of Attorney?

Yes, you must be at least 18 years old to create an LPA. You must also have the mental capacity to understand the document and make informed decisions at the time of signing. There are no upper age limits but setting up an LPA earlier in life ensures you are prepared for unexpected situations.

Can a Lasting Power of Attorney be contested?

Yes, an LPA can be contested if there are concerns about its validity or the actions of the appointed attorney. Common reasons for contesting include:

Doubts about the donor’s mental capacity at the time of signing.
Fraud or undue influence when creating the LPA.
The attorney is not acting in the donor’s best interests.

If contested, the Office of the Public Guardian or Court of Protection will review the case and take necessary action.

Is it possible to make specific requests in my Lasting Power of Attorney?

Yes, when setting up an LPA, you can include instructions and preferences to guide your attorney. These might include:

How your money should be managed.
Specific care or medical treatment preferences.
Restrictions on certain decisions your attorney can make.

Adding clear instructions ensures that your wishes are respected if you become unable to communicate them.

What happens if I don’t have a Lasting Power of Attorney?

Without an LPA, your family will need to apply to the Court of Protection to obtain legal authority to make decisions on your behalf. This process is:

Costly: Court fees and legal expenses can add up.
Time-consuming: The process can take several months.
Uncertain: The court may appoint someone you would not have chosen.

Setting up an LPA in advance ensures that you retain control over who manages your affairs.

Can I have more than one attorney?

es, you can appoint multiple attorneys and specify whether they should make decisions:

Jointly (together) – All attorneys must agree on every decision.
Jointly and severally – Attorneys can make decisions independently.

You can also appoint a replacement attorney in case your primary choice is unable to act.

With our continued support, we free you from the burden of worry and provide you with peace of mind that your assets will be inherited by your loved ones when you are no longer here.

At Paradigm Wills and Legal Services, we genuinely care about educating people on the importance of making a lasting power of attorney in Leicester. In an industry often loaded with complex legal jargon and a conveyor-belt mentality, we provide a paradigm shift in how we offer our wills services. We aim to supply fresh ideas, clear and straightforward explanations, and a service tailored specifically to you. With you at the centre, we strive to make the will writing process as transparent as possible.

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Our team of seasoned legal advisors is always available to offer comprehensive support and expert advice. Whether you're looking to draft a will, establish a trust, navigate the complexities of applying for probate, or arrange for prepaid funeral plans, we've got you covered. Our goal is to simplify these processes for you, ensuring clarity and peace of mind every step of the way.

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