Lasting Power of Attorney
Ensuring your affairs are always in order and placed in the hands of those you can trust. We’re here to help.
Appointments to 9pm, Low or No Fees, with all Financial Advice services available in house.
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What we do
Protecting assets is a large part of what we do at Open Financial Advice, and the option of Lasting Power of Attorney arrangements can be a lifeline in difficult situations. Our advice will highlight the ins and outs of how LPAs work, whether your existing EPAs (Enduring Power of Attorney) required replacing, and we can help you navigate sensitive family financial and welfare issues that may present themselves in the future.
How we do it
Where we see a potential situation that may warrant a Lasting Power of Attorney, we can bring this to your attention, or you can speak to us about your requirements directly. We’ll be able to ascertain whether a Health and Welfare LPA or Property and Financial Affairs LPA, or both, will be most appropriate and the benefits and implications of having these in place for the future of your family. Your LPA will then be professionally completed and registered with Office of the Public Guardian on your behalf.
Why work with us
Our LPA work falls under our hourly rate bracket which we keep lower than the average IFA hourly rate within the London area, especially when utilising two different services, continuing to advise you at value. We work to your specific requirements professionally, understanding your full financial position and reflecting this within the detail of the required Lasting Powers of Attorney as well as completing registration.
Types of Lasting Power of Attorney
These are:
- A health and welfare LPA
- A property and financial affairs LPA
The two different types are commonly referred to as ‘Health’ and ‘Wealth’ LPAs. You can have one or both LPAs in place at the same time. When it comes to later life planning, most people choose to get both types of LPA. This ensures that all the bases are covered and your wishes can be met even in the event of mental impairment. The aim of LPAs is to ensure that your financial matters run with complete authority and clarity through your nominated persons.
Health and Welfare LPA
A health and welfare LPA allows you to appoint an Attorney to make decisions about things such as
- Your medical care
- Where you live
- Your daily routine, such as what you eat and what you wear
- Who you have contact with
- Whether you have life-sustaining treatment – although only if you have given express permission
Benefits of a Health and Welfare LPA
The benefit of a health and welfare LPA is that it does not come into force until you lose mental capacity. In the meantime, you retain the right to make decisions for yourself.
If you do lose mental capacity in the years to come – perhaps due to a condition such as dementia – your Attorney can immediately step in. This ensures someone you know and trust can make important decisions on your behalf straightaway. Otherwise, a loved one will have to apply to the Court of Protection to get this authority. This can take a long time, meaning decisions regarding your health and welfare remain in limbo.
Property and Financial Affairs LPA
A property and financial affairs LPA gives your Attorney the power to do things such as –
- Buy and sell your property
- Pay your bills
- Collect your pension or benefits
- Manage your bank accounts
Benefits of a property and financial affairs LPA
The benefit of a property and financial affairs LPA is that you can choose when it comes into effect. If you require, it can be used as soon as it is registered.
This is extremely useful for people who want help managing their property and financial affairs, even though they still have mental capacity. For instance, if you live abroad, you might want a relative to be able to sell your property in the UK. Alternatively, you can request that the LPA is only used if and when you lose mental capacity. Like a health and welfare LPA, this avoids the need for a Court of Protection application.
Lasting Powers of Attorney can be an important supplement to advice across all areas of personal financing and although we do not advise and complete LPAs directly, have close working relationships with those that do to ensure you receive full servicing in all required areas. We are on hand in assisting you to identify which may be suited in conjunction with your other financial needs.