It is difficult to imagine being in a situation where we will not have total control over our own affairs. Sadly, the reality is anyone of any age can have an accident, suffer an unexpected illness or develop dementia and lose their ability to manage their own affairs.
In many ways, making a Lasting Power of Attorney (LPA) is like taking out an insurance policy – we hope that we will never need to use, it but there is peace of mind knowing it is in place should anything go wrong.
There are two types of LPA. The first deals with your financial affairs, such as your property and money, and the other with your health and welfare, such as where you live and what care you should receive. You can choose to make one or both. Importantly you decide who you would like to appoint as your Attorney/s.
Many people are under the misconception that if you lose your mental capacity then your loved ones can just step in and deal with your affairs. Unfortunately, that is not the case, unless an LPA is in place. Without a valid LPA, your assets are likely to be frozen and your loved ones may need to apply to the Court for an Order to become a Deputy. This is a slow and expensive process, involving increased legal and court fees. In addition, there are often both annual supervision fees and security bond fees to pay.
It is important to remember that you can only make a LPA whilst you have mental capacity. If you contact a specialist lawyer, you can make an LPA quickly and relatively cheaply and avoid running the risk of leaving your family with a potentially expensive and time consuming problem.
Watkins and Gunn are currently offering two LPA’s for £500 + VAT*, a saving of £300 off our normal fees until 30th November 2016.
(*Court Fee and Bankruptcy searches may apply)