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Looking after elderly relatives can be a worrying and
difficult task. We can help by providing advice on funding care home
fees, the use of Powers of Attorney, Receivership Applications
and UK Wills and Inheritance Tax planning to preserve wealth.
The law on Powers of Attorney changed with effect from
October 2007. Enduring Powers of Attorney (EPAs) were replaced by
Lasting Powers of Attorney (LPAs). Pre-existing EPAs continue to be
valid
post-2007 but any new matter must now be conducted under the LPA
procedure. As it may be less expensive to effect an Enduring Power of
Attorney, those EPAs effected prior to April 2007 will be protected
from the new legislation.
Why use an LPA?
| 1. |
If you are likely to require someone to
act for you in financial or healthcare matters, you will need to
appoint someone formally to undertake that task for you. |
| 2. |
If you want to appoint someone to manage
your finances, banks and financial institutions require the LPA to
register the Attorney's details and to authorise the Attorney to act on
behalf of the Donor (the giver of the power).
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| 3. |
If you do not obtain an LPA, it could be
very costly for your next of kin to act for you in the event that you
lose mental capacity in the future. Without an existing LPA, the
Attorney would have to apply to the Court of Protection to become
your 'deputy' and such application can cost hundreds (or thousands) of
pounds in costs. Having an LPA saves considerable time and cost to the
process. |
| 4. |
You can have a 'financial' LPA and also a
'welfare' LPA. You can appoint someone to be Attorney to make decisions
over your future welfare. This can be in addition to a 'living will',
which has also been legalised under the 2007 provisions. |
What do you need to do to obtain an
LPA?
| (i) |
Decide who you want to appoint to act
for you; it can be 1 or up to 4 persons; you can
appoint substitute attorneys if someone is unable to act in the
future. |
| (ii) |
Decide if you want your attorneys to
have the power to act on your behalf now, or at a future point. |
| (iii) |
If you want the Attorney to act now,
the LPA will need to be registered at the Court of Protection. |
| (iv) |
Decide if you want a financial LPA or a
welfare LPA or both. |
| (v) |
Contact us to arrange an appointment so
we can take the details and complete the application forms and advise
you on what is required. You will need a professional person to witness
the document in any case. |
To arrange an appointment to discuss any aspect of elderly
care or powers of attorney with either of our specialist lawyers Rob
Cartmell or Vanessa Bull-Domican, please contact Mr Cartmell’s
secretary Jan Lawrence.
Telephone 01296 620 443 or complete our contact form.
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