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.

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 solicitors London. 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.

An inheritance tax specialist can provide tailored advice to help you navigate the complexities of inheritance tax. They can assist in structuring your will, setting up trusts, and making lifetime gifts to reduce the taxable value of your estate. Their expertise ensures that you make the most of available exemptions and reliefs, ultimately protecting more of your wealth for your beneficiaries.

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.

Contacting us is free. Have a consultation or a home visit with one of our experts and discuss your options with no obligation.

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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