I’m in fine health. Why would I need a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a precautionary measure. We hope that you will live the rest of your life without the need to rely on it but we can never know what the future holds. If you leave it too long and get to the point where you are no longer capable of making decisions for yourself, the only course of action open to your family would be to apply to the Court of Protection for a “Deputy” to be appointed to manage your affairs. There are many advantages to obtaining an LPA now rather than leaving things to chance. These include:
- If you make an LPA, you choose your own Attorney to look after your affairs whereas the Court of Protection takes away that choice and has complete discretion as to who should be appointed as Deputy to look after your affairs.
- The LPA procedure is much more simple. A Deputyship application includes full disclosure of your assets to the Court, obtaining medical evidence, six application forms and a declaration by the Deputy.
- An LPA application can normally be processed within about 6 weeks. A deputyship application is likely to take around 4-6 months.
- There is a significant difference in cost – a Deputyship application will cost around 5 times as much in court fees and there is also an annual supervision fee to pay.
- A Deputyship appointment (unlike an LPA) carries significant administrative duties including annual reporting, tax returns and annual preparation of an Office of Public Guardian report.
- Your Attorney’s powers under an LPA give full discretion to do what is necessary to look after your affairs – a Deputy must sometimes apply to the Court to take steps on your behalf and, each time, a court fee is payable.