Why do I need a lasting power attorney?
The LPAs (Lasting Power Attorney) English laws were formulated in the mental capacity act 2005. The laws came into existence in the year 2007. The Lasting power attorney laws replaced the EPA (Enduring Power of Attorney) laws that were narrower in scope. The intent of these laws is manageable and straightforward since they serve the individuals who think that they might face difficulties in future as they try to manage their financial affairs (those that will lack capacity in the words of the act). The LPA hence makes it possible for these individuals to make various appropriate arrangements that help them in achieving various necessary steps that aim at giving their family members or trusted family friends the authority to make important decisions on their behalf.
Why will you require a lasting power attorney?
In case you realize that you will not be in a position to carry out various activities in future which involve making various critical and significant financial arrangements in future, you should go ahead and sign a document known as the LPA-PA, which gives another person the authority to make decisions on your behalf. If you worry about what will happen to your goods once you die, you should take broad steps in trying to show that you want them safe while you are alive. A will instructions ensure that all your wealth resources have been distributed as per your wishes but the LPA-PA will ensure that there is a person who is involved in making decisions after you are gone. This will only happen if you are not able to manage the resources while you are alive.
You should understand that after you sign the LPA-PA, your representative is given the mandate to represent you in case you are not able to carry out various activities due to mental incapacitate or any illness. You should ensure that you are mentally capable while doing the signing and ensure that you do it in time since it could be too late.
The ‘five rules.’
The guiding principles that were outlined during the enactment of the MCA 2005 were split into five rules. The rules indicate the mental capacity that is required for interpretation.
- Assumptions of the person having the capacity are made unless the lack of capacity is established.
- A person should not be rendered incapable unless several steps to help him have been carried out and have borne no fruits.
- The person should not be treated as unable to make wise decisions just because he made an unwise decision.
- If there are acts that are done or any decisions carried out which are made in his absentee, they should be done in his best interests.
- Before making the decisions, Regards must be done to ensure that the purpose meant for carrying out some of these activities has been achieved in a way that the person rights are not restricted via the freedom of action.
If at all you have not signed the LPA-PA, you will find it hard while making various decisions and efforts to manage your affairs in future.
The different things that could happen to you include:
- When you suffer an accident and you are then confined to a hospital bed
- When you are involved in an accident, that incapacitates you permanently.
- When you are timeworn and, you become mentally incapacitated.
How would you feel if a stranger just came to your property and took over and made decisions that were against your will?
You should take time and consider the LAP-PA document and realize the various things that you should do to ensure that you have identified the right person who will be in charge of your property once you are not able to make decisions. If at all you suffer loss in the mental capacity and you do not have the LPA-PA, the Court of Protection shall appoint a deputy to take the role of managing your property. Therefore, it is always advisable that you obtain the LPA-PA since you would not be happy if someone you never liked having access to your bank account.
For a fixed fee of £399 per LPA Hatfield Daniels LLP shall visit you in the comfort of your own home, discuss your wishes and gather the relevant information. The LPA(s) shall be drafted in accordance with your instructions and we will ensure that all the necessary signatures are obtained. Should you wish to register your LPA(s) with the Office of the Public Guardian (OPG), we shall be delighted to do so on your behalf for a fee of £199 per LPA (Including the OPG fee).