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Using a Lasting Power of Attorney to retain control of your life and finances

How a Lasting Power of Attorney Can Save You Thousands

Using a Lasting Power of Attorney to retain control of your life and finances.

What is the likelihood of losing mental capacity?

The likelihood developing dementia and losing mental capacity is a very real issue for all of us as we age. We are are living longer but our mental faculties are not necessarily staying the course.

There are currently 40,000 middle aged people - aged under 65 – living with dementia in the UK.  Over the age of 65, the number rises to 800,000.

Illness isn’t the only thing that can deprive us of our mental capacity. Serious injury, such as the head injury that befell Michael Schumacher, can do the same. 

What is the effect of losing mental capacity?

The effect of losing metal capacity is that you lose the ability to make decisions for yourself, which has far reaching consequences for you property and financial affairs and for your health and welfare. Legally, unless you have made a Lasting Power of Attorney, your spouse, partner, family and friends, are not allowed to make decisions for you. This means that the decision is taken away from you and your family and placed in the hands of government officials.

Can a spouse make decisions for someone who has lost mental capacity?

If someone loses mental capacity, sadly their spouse does not automatically acquire the right to make decisions for them. This is surprising, because when someone dies, their  widowed spouse does in fact acquire the automatic right to handle their affairs. In many practical ways, loss of capacity can be an even more difficult experience than bereavement.

What are the practical consequences of losing mental capacity?

Losing mental capacity can mean that even simple things like managing your bank account and paying your bills day to day become impossible, because there is no-one with authority to do this for you.  

The only way a family member can break this deadlock is by applying to the Court of Protection to be officially appointed as your Deputy. But this process is long-winded, stressful and expensive.

What is the cost of losing capacity without making a Lasting Power of Attorney?

The cost of losing capacity without having made a Lasting Power of Attorney is very great, both financially and emotionally.

To apply to the Court of Protection to become a deputy, multiple lengthy forms have to be meticulously filled out, a medical report has to be obtained and a total of £900.00 has to be paid out in Court Fees. The process of applying to become a deputy takes 6-10 months, culminating in a daunting court hearing. Many families go to a solicitor fir help with this process, and the cost runs into several thousand pounds.

 And the heartache and expense doesn't end there.  Every year, your Deputy must pay a fee (currently £320.00) and submit a set of forms and financial accounts to the Court of Protection, to prove they are doing their job properly.

It has been estimated that, over the course of five years, the cost of not having made a lasting Power of Attorney, and so of having to go to the Court of Protection, add u to about £10,000.

Can you automatically become a Deputy for both financial matters and health and welfare?

Unless the Court of Protection grants special permission for a Deputy to make decisions about your health and welfare, Deputies’ powers are restricted to financial management only, leaving your Deputy with no say over important issues like which care home is best for you, what medical and nursing care us best for you, and how you live your life day to day..

How can a Lasting Power of Attorney help?

Lasting Powers of Attorney (LPA) are THE essential tools for planning yours and your family’s future. Creating them enables you to choose in advance who will make decisions for you about your property and financial affairs, and about your health and welfare, if you ever lose mental capacity.

With Lasting Powers of Attorney, you can entrust decision making to your spouse, family and close friends, the people you naturally rely on to make sure that your wishes are respected – and keep the important life decisions in the family.

Making a Lasting Power of Attorney is the only way to maintain control over your life and to prevent strangers taking over.  By creating Lasting Powers of Attorney, you are exercising choice rather than leaving things up to chance.

Lasting Powers of Attorney are very much a forward-planning tool. The key is to create and register them when you are fit and well, so that they are a safety net in case the worst happens. Lasting Powers of Attorney put a safeguard in place and help you and your family  avoid the costly and distressing practical consequences of the loss of mental capacity.

To find out more about protecting yourself with Lasting Powers of Attorney, call us on 0151 601 5399, or fill in the enquiry form below – we’re here to answer all your questions.

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"Although we didn't think our financial affairs or family arrangements were particularly complicated, Gina talked us through all the things we should consider to ensure what we put in place was right for us and our family. She is clearly very knowledgeable and gave us lots of advice and guidance and explained everything so we understood the implications of our decisions. The paperwork was drawn up quickly and accurately based on our discussions. She also helped my parents with their estate planning. She reviewed their current arrangements and has drawn up lasting Powers of Attorney for them both. Again, everything was explained clearly and sensitively and I know my parents are also very happy with the service they received. I would happily recommend WillWritten to anyone considering making a Will or looking to review their estate planning. "

Amanda Rudham

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