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Lasting Power of Attorney
What is a Lasting Power of Attorney?
Why do I need a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a powerful legal document that gives your powers to your loved ones/friends/family/representatives (Attorney's) to be your voice, should your memory start to decline.
The normal situation we find ourselves in is when our cognition starts to deteriorate to the point where we struggle to make decisions for ourselves.
There are two types of LPA known colloquially as "Health" and "Wealth".
The Wealth LPA allows your attorneys to deal with such tasks as dealing with DWP, paying bills on your behalf, liaising with your bank etc.
It can be used as soon as it is registered or only once someone is deemed to have lost capacity. You choose.
The Health LPA allows your attorneys to deal with decisions such as health treatments and where you will live. Unlike a Wealth LPA, it can only be used once someone is deemed to have lost capacity.
This LPA is particularly important if you want to remain in your own home and don't want to move into a care home. Without this LPA, the decision of where you will live can be made without your consent, or against your wishes. If you own your own home and live it in on your own you will be classed as a "self funder". This means that if you are placed in a care home, your property and all your assets will be used to pay the care home fees. We regularly see an increase in costs in care homes when people are self funders. Your estate can disappear quickly at rates of over £2000 per week regularly observed.
With a Health LPA, your attorneys can support your decision to remain in your own home having care support, should you need it. Your property is not included in any financial assessment if you have support in your own home.
How much does it cost for an LPA?
Is it something I can do myself?
Research in 2023 showed that solicitors appear to be charging between £1000-£3000 to complete your LPA's. Some have VAT charges and registration fees added to this figure.
LPA's don't need to cost that much. In fact, for some people you may be able to do them yourself if you feel competent to do so.
You would need to register with the Office of the Public Guardian and complete all the paperwork. The word of caution is that if there are any errors, the OPG don't tend to make you aware until months down the line when they reject the claim. If you do attempt it yourself; check, check, check and check again. You will still need to pay the £164 registration fee (reductions are available if the applicant is on certain benefits).
With an already lengthy registration time (currently 5 months) and additional 5 months wait could be detrimental for the applicant to gain support.
If you would prefer Millcare to complete this process for you, we will do so in the comfort of your own home.
We will prepare everything in advance so that the only thing left to do is for you to sign the forms.
Our rates for 2024 are £850 for both LPA's and £450 for a single.
These costs include all taxes, the registration fees for the LPA and any associated costs with recorded delivery and other postage.
Our guidance for people to consider - DON'T leave applying for an LPA until the person is struggling cognitively.
If a loved ones memory, or your own is starting to become a bit forgetful, consider applying for an LPA sooner rather than later.
If you are of State Pension age and we have completed an Attendance Allowance application for you, you could use the money from that to pay for your LPA's thus costing you non of your savings to ensure you are supported.
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