Being incapable of deciding things for oneself is not something often thought about. You might see yourself as currently fit and well, so why would it ever cross your mind? The truth of the matter is that life happens and tragic events do occur. Thankfully, through the use of a Lasting Power of Attorney (LPA), you can help to best prepare yourself for this possibility.
What is a Lasting Power of Attorney?
An LPA is a legal document allowing you to nominate a trusted individual to make decisions on your behalf should you become incapable of doing so on your own. It’s an incredibly important document, especially for those who are unwilling to have their partners, parents, or siblings making these kinds of decisions for them.
To secure an LPA the ‘donor’(you) must be 18 years of age or older in order to appoint a ‘donee’(beneficiary) to handle all major decisions. The donor then chooses an attorney and fills out the forms required to appoint the chosen attorney. They will then need to register the LPA with the office of the Public Guardian.
What Does a Lasting Power of Attorney in the UK Cost?
A lasting power of attorney in the UK can cost as low as £82 and upwards of £400. Clearly, the prices will vary based on what you need and who you apply through. Anything from a standard Lasting Power of Attorney in the UK, mirror LPA, and a fully advised Lasting Power of Attorney (online in the UK or otherwise) will generally fall between the prices shown. These price points reflect the general cost of an LPA in the UK unless a reduction or exemption has been granted.
There are two types of power of attorney in the UK available: Property and financial, and health and welfare.
Property and Financial
A Property and Financial LPA appoints a primary decision-maker (the donee) over the purchase and sale of your home. This enables the donee to either purchase a home for the donor or to place the current home up for sale on the donor’s behalf.
Other decisions granted to the donee may include management of all banking accounts and any business interests the donor may have, as well as all tax affairs, pensions, and benefits claims.
Health and Welfare
A health and welfare LPA is specifically meant for those donors who have “lost capacity”. Lost capacity is the legal term provided for someone who can no longer function on their own and may require a caretaker.
The donee is responsible for the donor’s day-to-day routine including dietary, clothing, and hygiene needs. There are other factors that the donee will need to take into consideration. The donee will need to decide on whether the donor’s care can be handled within the donor’s home, the donor should be moved into a 24-hour care facility or some, or something in between.
An appointed donee with a health and welfare LPA is also charged with medical treatment decisions, which include the consent and refusal of medications and life sustainment.
What are the Benefits of an LPA?
Ensuring that you have a Lasting Power of Attorney (LPA) can help save you and your loved ones from a lot of future grief.
Securing an LPA can:
- Ensure your assets are protected and that you are looked after
- Allow you to plan out future decisions to be made on your behalf should you ever suffer lost capacity
- Be more efficient and less costly than a Court of Protection application
- Provide peace of mind to loved ones and yourself
- Give you full control over which attorney you choose to represent you
Should You Secure Yourself An LPA?
Whether you contemplate the possibility of one day losing mental capacity or not, lasting power of attorney is a smart decision. Not only does it provide peace of mind but can also protect you legally from any hardships you may face concerning your health in the future.
If you’re worried about the lasting power of attorney in the UK cost, click here to receive a free personalized quote.