13 Mar 2020

Wills & Probate

Lasting Power of Attorney – Prioritise the future of your family

Our Head of Wills and Probate, Laura Selby, explains the reasons why you should consider making a Lasting Power of Attorney. Further details of our Spring offer also included…

I am often asked the question: “I’ve made my Will, why do I need to make a Lasting Power of Attorney?”

In order to answer this question, it would be best to first explain what a Lasting Power of Attorney (LPA) is. An LPA is a legal document which allows you to decide who would make decisions on your behalf if you become unable to make them. There are two types of LPAs: one covers decisions regarding your property and financial affairs and the other covers decisions regarding your health and care.

Your Will only comes into effect when you pass away. In your Will you usually appoint Executors and Trustees to act on behalf of your estate but their authority only takes effect when you die. You cannot appoint an Attorney in your Will. Therefore, the best way to give someone you trust authority to act on your behalf whilst you are alive, would be to make a Power of Attorney.

Under an LPA:

  1. You decide who will act on your behalf.
  2. The authority to act on your behalf lasts and may be used by your Attorney(s) when you are unable to make decisions for yourself.
  3. You may name more than one person to act for you which may give you more peace of mind.
  4. You may name replacement(s) to act in the event of your first named Attorney(s) becoming unable to act.
  5. It is usually much quicker and cheaper for you to set up an LPA for yourself than to leave it for someone else to apply to the Court to be appointed by the Court to make decisions for you after you have lost capacity to decide.
  6. As long as the Lasting Power of Attorney is registered with the Office of The Public Guardian, it is usually then available for immediate use by the Attorney(s) which is especially helpful in an emergency e.g. to be able to access your funds to pay for things for you, to liaise with an insurance company in the event of damage to your property.
  7. You can include preferences and instructions within your LPA as to how you would like your Attorney(s) to act on your behalf.

To obtain tailored information specific to your circumstances please call our Newport office on 01633 244233 or our Cardiff office on 02922 676818 to arrange your first free 20 minutes consultation or email [marketing@hevans.com.] If you then wish to proceed with making your Lasting Power of Attorney, we will send you a letter of engagement which provides a clear explanation of our costs and the likely timescale. In order to be used, the Lasting Power of Attorney needs to be registered with the Office of the Public Guardian and we also prepare and submit the application for registration for you.

Until the 31 May 2020 the firm is offering 10% off our standard fixed fees for LPAs – please quote ‘LPSSPRING20W’.*

The above provides general information on the law in England and Wales as at 9 March 2020 and is not a substitute for obtaining your own legal advice.

*Terms and conditions apply.

 

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