Property and Financial Affairs Lasting Power of Attorney
Many families encounter problems when a relative becomes incapable of managing his or her own financial affairs.
Mental incapacity or physical incapacity can happen unexpectedly to anyone young or elderly from illness, injury or age. Legal complexities which arise from mental incapacity or physical disability may well add to the burden of both that person and the whole family.
What happens if you take no action?
When a person becomes mentally incapable of managing their own affairs, or unable to deal with their affairs their financial affairs, will have to be dealt with by the Public Guardianship Office.
The initial procedures involved are:
- Making an application to the Public Guardianship Office for an individual to be appointed as that person’s “Deputy”;
- Completing a detailed questionnaire regarding the person’s assets;
- Notifying any close relatives about the proposed application;
- Obtaining a medical report from the person’s doctor as to the nature of the mental incapacity;
- In subsequent years, preparing and submitting annual accounts for approval by the Public Guardianship Office.
The procedures are slow and are capable of being very expensive. Our experience shows that costs in the first year are likely to exceed £1,500.00 and in subsequent years are likely to exceed £700.00.
Make a Property and Financial Affairs Lasting Power of Attorney
A Property and Financial Affairs Lasting Power of Attorney (LPA) allows you to plan ahead by choosing one or more people to make decisions on your behalf regarding your property and financial affairs.
You can appoint a property and affairs Attorney to manage your finances and property whilst you still have capacity as well as when you lack capacity.
For example, it may be easier for you to give someone the power to carry out tasks such as paying your bills or collecting your benefits or other income.
Cost of Making a Property and Financial Affairs Lasting Power of Attorney
The current cost of making a Property and Financial Affairs Lasting Power of Attorney is £400.00 plus VAT. Home visits are also possible for elderly or infirm clients at no extra cost in most circumstances.
Before a Lasting Power of Attorney can be used, it must be registered with the Office of the Public Guardian (OPG).
Unlike some other solicitors firms, BRM do not charge any extra fees for either registering a Lasting Power of Attorney or for acting in the Attorney with the OPG role of “certificate provider”.
The Office of the Public Guardian charge a fee of £82.00 for dealing with the registration of Lasting Powers of Attorney.
How to Make a Property and Financial Affairs Lasting Power of Attorney
To make a property and financial affairs lasting power of attorney, contact us.
