Who would you like to manage your affairs if you were unable?
Who would you like to manage your affairs if you were unable? Many of us care for, or know someone who is caring for, a person with Alzheimer’s or dementia. There are around 850,000 people with dementia in the UK, of whom 40,000 are under 65. This number is forecast to exceed one million by 2025 according to the Alzheimer’s Society. With this in mind, it’s more important than ever to plan ahead to ease the potential burden on relatives should you lose mental capacity in the future. A lasting power of attorney (LPA) is a legal way to give another individual the legal authority to make decisions on your behalf should you lose the capacity to do so. It’s not just for the elderly; younger people may also become incapacitated through accident or illness.
| What is an LPA? |
A lasting power of attorney (LPA) is a legal document that lets you appoint one or more people to make decisions on your behalf, should you lack mental capacity to make your own decisions in the future.
Cost per person
There are two types of lasting power of attorney and they are charged separately. The best possible planning is to have an LPA for financial affairs and for health and welfare, however, it is possible to take out one type now and one at a later time.
Financial Affairs LPA per person* – £225 BBX
Health and Welfare LPA per person* – £225 BBX
*Excluding the £82 Office of the Public Guardian (OPG) registration fee. This is a fixed cost which is charged per LPA by the OPG to make it legally valid
How to proceed
If you are interested in creating a lasting power of attorney, please speak to your adviser and they will be able to advise you of the next steps.
Any advice given is free and you are under no obligation to proceed. If you do wish to go ahead then your adviser will take some information and draft the legal documents for you. By making a lasting power of attorney you are ensuring that, should you ever face mental illness in the future, this difficult time will be made much easier for you and your loved ones.
Call Anthony Marshall on 01264 338 020 / 07872 898900 or email anthony@marshallfinancialsolutions.co.uk
