Who’ll manage my money?
Do you have someone you trust to keep your finances in order if you become seriously ill or lose capacity? Everyone’s heard the scare stories of elderly or vulnerable people being targeted by unscrupulous ‘good samaritans’ who clear out their bank accounts…but that doesn’t have to be the case.
In this post about Lasting Powers of Attorney (LPAs), we’ll look at Financial LPAs, known as Property & Financial Affairs Lasting Powers of Attorney.
If you lose the capacity to manage your affairs, the most likely next step is that an appropriate person will apply to be registered as your Deputy. This is a slow process and costs money. If appointed, they must complete annual accounts and have them audited.
If you register an LPA now, your attorney be ready to legally act on your behalf if the need arises. That seems like a wise move!
For Advice; Preparation of all documents; Acting as Certificate Provider
Lasting Power of Attorney Property and Financial Affairs – £325
Lasting Power of Attorney Health and Care Decisions – £325
Both Personal Lasting Power of Attorney for one person – £500*
Both Personal Lasting Power of Attorney for a couple – £950*
Office of Public Guardian registration fees: £82 per document**
*No additional discounts may be used alongside this discounted fee
**This is reduced to £41 per document if your income is below £12,000 per year.
1. Choose your attorney carefully
If you choose more than one attorney, you will have to state whether they have the power to act alone or if they must always act in agreement.
Your attorney will be responsible for collecting your pension, managing your accounts, paying your bills and, potentially, selling your home.
Talk to your attorneys before you complete the paperwork to ensure they are happy to act, and that they know your wishes with regard to your finances. If you have particular instructions or guidance for them do tell us, this should be added in to the LPA paperwork.
2. Complete the paperwork and register the LPA
We will check that your application is accurately completed, signed and certified and send it to be registered with the Office of the Public Guardian (OPG). The OPG fee for this is £82.00 and the process can take up to 3 months.
3. Storage and amendment of the LPA
Once registered, your attorneys can act on your behalf straight away. If you prefer, you can specify that they are not permitted to act until you lose capacity.
There are costs and specified procedures involved should you wish to amend or revoke your LPA. Please contact us for advice if you need to do this.
Read more on our LPAs page.