Setting up a power of attorney, also known as an LPA, is challenging. It involves handing over the authority to make decisions taken on your behalf, affecting either health and welfare issues or the control of your financial affairs. Here we look at some of the concerns you may have and offer clarity by debunking some myths.
It is important to note that there is the possibility to create a power of attorney online by visiting sites such as powerofattorneyonline.co.uk.
Do only the wealthy have to consider a Power of Attorney?
The simple answer is no, everyone can benefit from creating this kind of legal instrument. Whatever your assets, if you are suffering from any issue with mental issues which might impair your judgement now or in the future, an LPA will mean that your affairs are dealt with according to your wishes. This includes care or medical issues which may need to be addressed. Peace of mind is key here, not just the management of any wealth you may have.
Are DIY options always the cheapest option?
There are reliable options available online which will suit your needs, but some individuals may prefer to appoint a legal professional to deal with their requirements. It is, of course, essential that the document is executed in a manner which meets UK legal requirements. Having said that, there are sites which will meet these levels.
Are registration fees the only costs?
Registration fees of an LPA are a necessary cost and there may be other expenses involved.
Once you have created an LPA, it will have to be registered at the Office of the Public Guardian. It can take up to ten weeks for the registration to be confirmed.
At the time of writing, the fee for each LPA is £82, unless you get a reduction or exemption. If, however, you choose to employ a solicitor to create the LPA, extra costs for drafting the agreement and management costs can apply.
These instruments are important and you must understand their impact and the costs involved.
