Power Of Attorney
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Lasting Power of Attorney (LPA)
Accessing someone’s finances if they become incapacitated or ill is a complex and protracted process – which could make things very difficult for a spouse, partner or your children. Bills could go unpaid and cash would be impossible to access.
Setting up a Power of Attorney allows you to hand control over to someone that you trust should the need arise – giving them full control to manage your affairs in your best interests until such a time that you are able to take up the reins again yourself.
As you would expect, with Mature Finance it’s a pretty straightforward process. Simply email us and we can give you more details or arrange a meeting.
Benefits
Choose someone who you trust- Once it is completed there is no need to think about it until needed
- Its far quicker to do it now then rush it through the courts
- It’s easier to pay for it now when you can budget for it
- Keep strangers out of your affairs
- Keep family members in the loop
- Always have peace of mind
What is a Lasting Power Of Attorney (LPA)
This is a highly advanced legal document. A simple explanation is it is the reverse of a Will. You would happily purchase a Will to make sure your legacy is looked after when you’re gone.
What about when you’re alive but you cannot manage your estate?
Have you ever phoned a company on behalf of a friend, then been told they cannot speak to you because you are not the account holder?
What if you had this scenario happen to you regarding everything, or more importantly the everyday tasks you take for granted they enable you to live comfortably?
An LPA is a legal document which gives you the chance to designate one or more people with the same authority as yourself with all your accounts, bills, prescriptions and other tasks.
Whether you are unwell or have had an accident, gone on holiday and forgot to do something. You can simply ask one of your representatives to take the document with them and they will be able to carry out your task.
This is one example, but what about if someone had Alzheimer’s it would be a continuous need for someone to look after your finances, pay your bills and ensure your lifestyle was adequate.
What happens if you don’t have a LPA?
It can be detrimental to someone who doesn’t have a LPA. Your finances can take a serious blow and sometimes become beyond repair. People who are looking after you have to apply to the courts for your LPA which takes up to 10 months AND costs up to and above £1000!
This is all factual. If you do have to apply for the courts to get your LPA the courts decide who will assist in your finances and if this is a government official they will charge every time they have to help you.
Be warned this can be quite costly and adds up to a tidy sum amongst other bills and living costs that maybe required.
Who is the Court of Protection (Office of the Public Guardian)?
The Act provides for a new Court of Protection to make decisions in relation to the property and affairs and healthcare and personal welfare of adults (and children in a few cases) that lack capacity. The Court also has the power to make declarations about whether someone has the capacity to make a particular decision.
The Court has the same powers, rights, privileges and authority in relation to mental capacity matters as the High Court. It is a superior court of record and is able to set precedents (set examples to follow in future cases).
The Court of Protection has the powers to:
• Decide whether a person has capacity to make a particular decision for themselves;
• Make declarations, decisions or orders on financial or welfare matters affecting people who lack capacity to make such decisions;
• Appoint deputies to make decisions for people lacking capacity to make those decisions;
• Decide whether an LPA or EPA is valid; and
• Remove deputies or attorneys who fail to carry out their duties, and
• Hear cases concerning objections to register an LPA or EPA and make decisions about whether or not an LPA or EPA is valid.
