The Cost of Not Having a Lasting Power of Attorney!July 31, 2013
I am often asked, what is the benefit of having a Lasting Power of Attorney?
Well, the response is that if you were in a situation where you were physically or mentally incapable of dealing with your affairs, be they financial/property or health/welfare then nobody will automatically be able to step into your shoes. Nobody will be able to call into the bank on your behalf and withdraw money for you, pay your bills, collect your pension, etc as they do not have the legal authority to do this unless you have executed a power of attorney in their favour.
Having a Lasting Power of Attorney in place now ensures that there is someone legally appointed to act on your behalf should they be required to do so, whether that reason is because you have an unexpected accident or fall, you have a short spell in hospital, or your mental or physical health simply declines due to old age. These things cannot be predicted in advance, but careful thought and planning now for the unexpected can be put in place to cover such eventualities and ensure that you are never in a situation where you are unable to call on your nearest and dearest to help you.
A Lasting Power of Attorney is a fairly straightforward legal document which enables you to choose who you wish to act on your behalf in either your property & financial affairs, or, your health & personal welfare, or both!
Without a Lasting Power of Attorney in place, your next of kin will have to resort to making an application to the Court of Protection in London. This takes time (up to 12 months in some cases), there is a court application fee to pay (currently £400) plus legal costs and incidental costs can easily exceed £1,000.
This would appear to be the cost of not having a Lasting Power of Attorney – why wait? Speak to one of our legal team today!