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Why You Should Make a Lpa: 6 Advantages of Lpa

Make a Lpa: 6 Advantages of Lpa

By Sejal ShahPublished 3 years ago 3 min read

People in the United Kingdom are living longer than they have in the past. This is great news, but it comes with a slew of issues. According to the Alzheimer's Society, there are 850,000 individuals in the UK with dementia, with that figure expected to grow to over 1 million by 2025.

With these staggering statistics in mind, it's more vital than ever to plan ahead for what will happen if you lose your ability to handle your own affairs. If you lose the mental ability, Lasting Power of Attorney (LPA) allows you to pick who will handle your affairs and make decisions on your behalf. One LPA is dedicated to ‘Financial Decisions.'

Paying payments, managing investments, and selling real estate are all examples of this. The ‘Health and Care Decisions' LPA is the other. This refers to personal choices such as where you reside, what kind of care you get, and whether or not to switch off the life support equipment.

Without an LPA, your loved ones will have to apply to the Court of Protection for a ‘Deputy' to handle your affairs if you lose the mental ability. While this may be acceptable in some instances, LPAs provide considerable benefits over leaving the decision of Deputy to the Court.

1. Choosing a manager for your activities

When creating an LPA, you choose your attorneys from a list of persons you trust. You can designate more than one individual, as well as back-ups, in the event that your first pick is unable to perform for any reason.

If you lose mental ability without an LPA, you will lose control over who manages your affairs.

2. Keeping the process on schedule

The procedure of applying for a Deputyship Order is time-consuming. If you lose capacity, there will most likely be a period of time when no one can handle your business while they wait for a Deputy to be appointed. This might place further financial and emotional strain on your loved ones at a time when they are already under a lot of stress.

In contrast, it generally takes only a month or so for an LPA to be registered after it is delivered to the Office of the Public Guardian (OPG). The LPA is then ready to use right away.

3. Keeping expenses low

The cost of registering an LPA with the OPG is now £82, plus legal expenses if you want advice and assistance with the drafting of the LPA.

The price for filing a Deputyship application with the Court is now £400. When a professional (usually a lawyer) is appointed as Deputy, they will charge their own yearly fees.

4. Safeguards

Some individuals are concerned about the potential of an attorney scamming them financially. While LPAs aren't totally risk-free, they do contain built-in safeguards that help to reduce the risk. To begin, a ‘certificate provider' must sign your LPA, confirming that you understand the authority you are granting and that you are not under any pressure in doing so.

You can also identify persons in your LPA who should be contacted prior to the LPA being registered if they have any concerns.

Remember that picking individuals you totally trust to act as your attorneys are the most important precaution of all.

5. Control

You can provide any preferences or directions in the LPA that your attorneys should follow. For example, you may want your attorney to keep accounts to keep a record of your funds on a regular basis or to specify the conditions under which your house can be sold.

6. Benefits in the Practical World

With your permission, our attorneys can use your Financial Decisions LPA while you still have the ability. This is useful if you are abroad of the country and want assistance with your affairs, or if you are physically unable to make choices but have the mental capacity to do so.

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    Sejal ShahWritten by Sejal Shah

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