Do I need a solicitor to draft a Lasting Power of Attorney?
There are various DIY kits out there which you may use to write an LPA, however, this is not always a straightforward process and there is a lot to consider. The Office of the Public Guardian estimates that around 15% of the forms they receive contain errors, some of these can go unchecked which can cause issues later on. By using a solicitor, you will have the assistance of a legal expert who can look after your best interests and add details which take care of unexpected circumstances.
Before deciding to write your own LPA, you may wish to consider the following:
- How many attorneys are you appointing?
- What happens if they cannot agree?
- If you have property abroad, have you thought about how this would be managed?
- Do you own your own business? In this case, a separate Business LPA is needed.
- If an error goes undetected and the donor loses capacity, would the LPA still be valid?
The above points highlight the importance of getting a second opinion, as such matters are personal and can have major implications for someone. By having a LPA in place, you could save your family and friends from having to make difficult decisions concerning your health whilst giving you some peace of mind over your own matters. At My Local Solicitor, we do not have extortionate rates and do what is necessary to make this process as stress-free as possible. We offer a free, no-obligation consultation during which we are able to discuss your requirements. In short, the answer to the question above is therefore: why risk it?
Do I need a Lasting Power of Attorney?
There is a common misconception that Lasting Power of Attorneys (LPAs) are specifically designed for the elderly, this is not the case. There may be instances where a person is unable to make their own decisions, examples of this include strokes, heart failure and in the case of meningitis, which is why a well written LPA should not be underestimated. As they provide a significant amount of control to an individual, if written correctly and with professional guidance LPAs can ensure that they work in your best interest. It is also worth noting that an individual may lose mental capacity at any age, if this happens and there is nothing in place that stipulates how their affairs are to be arranged, they risk losing the freedom to express their wishes.
There are two types of LPAs which cover:
- Health and care; and
- Financial decisions
A health and care LPA can only come into force when an individual becomes mentally incapable of making a decision for themselves. This type of LPA covers issues relating to healthcare, treatment and living arrangements. If this is not communicated through an LPA, you could risk receiving treatment which you might not have wished for.
A financial decisions LPA allows you to delegate responsibility of your finances and assets to someone else, this person is called the Attorney.
You can transfer power over matters such as:
- Receiving income and benefits
- Pension payouts
- Paying for your mortgage
- Managing your investments
To find out more, call us on 01244 478730 or email us with your details at hello@my-local-solicitor.com. You can find out more about LPAs here https://my-local-solicitor.com/lasting-powers-of-attorney/
Written by Mahum Fatima
