Lasting powers of attorney
Have you ever considered what would happen to your estate if you should lose the mental capacity to make your own decisions? Though an unpleasant thought, it is something we should all be thinking about and planning for.
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Speak to our friendly team based here in Cardiff.
What are LPAs?
Lasting Powers of Attorney ("LPAs") were created under the Mental Capacity Act 2005.
LPAs provide a legal framework for a Donor to donate their powers to one or more Attorneys who can then use the Donor's powers in the Donor's best interests.
When LPAs came into effect on 1 October 2007, they replaced Enduring Powers of Attorney (EPAs) which were less flexible at meeting the needs of the Donors.
Which LPA is right for you?
There are two types of LPA, one of which deals with the health and welfare of the Donor and the other which deals with the property and financial affairs of the Donor.
Health and welfare LPA
The Health and Welfare LPA gives the Attorney the power to decide on the donor's care, including if the donor should remain at home or move elsewhere if it is in the donors Best Interests.
The Property and Financial Affairs LPA
The Property and Financial Affairs LPA gives the Attorney the power to manage the Donors finances, including their property, to help pay any bills. The Donor can also apply for benefits on behalf of the donor.
When is the right time to seek a lasting power of attorney?
LPAs must be made whilst the donor has mental capacity to make his own decisions.
When the Donor gives their powers to their Attorneys (up to four people can make decisions, either jointly, or individually) an independent person needs to Certify that the Donor has done so freely and fully understanding the consequences of his action.
For this reason, it is sensible to consider professional assistance when putting your Lasting Powers of Attorney in place.
LPA Costs
Health and Welfare Lasting Power of Attorney.
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£682 (Price Includes Registration Fee)
The Health and Welfare LPA gives the Attorney the power to decide on the Donor's care, including if the Donor should remain at home or move elsewhere if it is in the Donor's Best Interests.
Property and Financial Affairs Lasting Power of Attorney.
£682 (Price Includes Registration Fee)
The Property and Financial Affairs LPA gives the Attorney the power to manage the Donors finances, including their property, to help pay any bills. The Donor can also apply for benefits on behalf of the donor.
Both Lasting Powers of Attorney.
£764 (Price Includes both Registration Fees)
As both powers work together, we will provide both together at no additional cost.
Pair of Mirror Lasting Powers of Attorney
£1,328 (includes all Registration Fees)
Often this option is taken by couples that want to donate their powers to each other and the same additional attorneys.
Get in touch with Trusting Willpower Ltd
Phone: 029 2021 1693
