The Cost of Not Having a Lasting Power of Attorney!
Jul 31, 2013
I am often asked, what is the benefit of having a Lasting Power of Attorney?
News & Blogs
I am often asked, what is the benefit of having a Lasting Power of Attorney?
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!
Ilkley: 01943 609969
Skipton: 01756 700200
Silsden: 01535 656000
Barnoldswick: 01282 812340
Powers of Attorney (PoA) and Lasting Powers of Attorney (LPA) provide peace of mind that, should you become unable to make decisions yourself, a trusted person you have chosen will act on your behalf. They will be able to manage your affairs in line with your wishes, ensuring important matters are handled with care and responsibility.
When someone dies, everything they own - known as their estate - must be carefully managed and distributed in accordance with their wishes as set out in their will. This process involves not only passing assets to the chosen beneficiaries but also handling debts, taxes and legal formalities along the way. For many, this can be a daunting and emotional task, especially during a time of grief.
When a loved one passes away, going through the process of administering their estate will always be emotional and complex. But when the original will cannot be found, the situation becomes even more difficult - raising questions about the deceased’s true intentions and creating uncertainty for those left behind.
After talking to clients about the planning of their affairs, we at Walker Foster discovered a common misunderstanding over the difference between an executor and an attorney.
Craven House, Newtown, Barnoldswick, BB18 5UQ
First Floor, 7 Victoria Avenue, Harrogate, HG1 1EQ
27 Riddings Road, Ilkley, LS29 9LX
Century House, Northallerton, DL6 2XQ
The Old White Horse, Market Place, Settle, BD24 9EF
63 Kirkgate, Silsden, Keighley, BD20 0PB
3 High Street, Skipton, BD23 1AA