10 Lasting Power of Attorney Facts in the Basildon, Chelmsford, Southend Triangle
Today we want to talk through 10 important facts about a Lasting Power of Attorney in the South Essex area, particularly the Basildon, Chelmsford, and Southend triangle.
So what is a Lasting Power of Attorney?
The Lasting Power of Attorney (LPAs) were formed under the 2005 Mental Capacity Act and came into force in October 2007. They replaced the Enduring Power of Attorney which were less detailed.
A lasting Power of Attorney is a document that allows a person to designate a family member or a trusted friend (the Attorney) to manage their personal and financial affairs should they lose capacity.
So let's get 10 Quickfire facts about a Lasting Power of Attorney (LPAs):
1. There are 2 types of LPAs. Health and Welfare which deals with all aspects of care, resuscitation, provision of care etc and Finance and Property which deals with bank accounts, investments, shares etc.
2. The word attorney is the legal term for the person(s) to whom the responsibility is given to looking after the incapacitated person affairs.
3. The person to whom the LPAs certain is known as the donor.
4. The LPA is valid up until the time of the death of the donor.
5. Once an LPA has been drafted and signed, it then needs to be registered at the Office of the Public Guardian (OPG) at a cost of £110 per LPA before it can be used.
6. If a person is deemed incapacitated and they do not have a Lasting Power of Attorney in place, then it is necessary to deal with the Court of Protection. This process can be both expensive and elongated.
7. 1 in 5 people over the age of 85 have dementia. The Alzheimers society believes that by 2025 the figure will top 1 million people in the UK.
8. If a person is deemed vulnerable and incapacitated and they do not have an LPA in place, the Court of Protection can freeze all of their Assets. This could include joint bank accounts which may have catastrophic consequences on their partner. It has been known for joint bank accounts to be frozen and in the worst of cases the family home has been forced to be sold as the mortgage has been defaulted on.
9. The Office of the Public Guardian will monitor the Attorneys to ensure that they are operating in your best interests and have the power to dismiss an Attorney who abuses their position.
10. Jack Straw, when he was the Minister of Justice was quoted as saying that “having a Lasting Power of Attorney should be as commonplace as having a will”
A Lasting Power of Attorney can be complicated to set up and can be costly. Why pay more than you have to, though? The Will Associates
are a professional company whose solicitors are regulated by the Solicitors Regulatory Authority. They specialize in the provision of both types of Lasting Powers of Attorney. The service is quick and painless and begins with a FREE no obligation consultation to assess your needs.
The local Senior Consultant in the South Essex Region is Richard Morris. Richard can be contacted on Freephone 0800 847 7030 or Via Email at email@example.com.