Decrease in registration fees for powers of attorney
From the 1st April 2017, the cost of registering a Lasting Power of Attorney or an Enduring Power of Attorney will decrease. But why have an attorney in place and what happens if you don’t?
Many of us take comfort in the fact that we have provisions in place to protect us and our property should the worse ever happen. I'm sure that the majority of us feel that our list of insurance policies is never ending. We feel that we have a plan in place to cover ourselves in every situation imaginable and even unimaginable! But what about if you lose capacity to manage your affairs? Do you have a plan in place to ensure your assets and affairs are managed the way you would like? If you don’t, it has now become slightly cheaper for you to do so as the the Office of the Public Guardian's registration fee has gone down from £110.00 to £82.00.
Having in place a Lasting Power of Attorney (LPA) allows you to appoint another person to make decisions on your behalf in the event that you ever become unable to make decisions for yourself. This person will be known as your 'Attorney'. In many cases, an Attorney will be a close family member or friend. Many people will take comfort in the fact that, should the worse happen, the person making decisions on their behalf will be a person they know and trust. Once the LPA has been registered, your Attorney will have the legal authority to make decisions on your behalf regarding your assets and affairs. Blake Morgan Partners can also act as your Attorneys if you prefer a professional to be appointed.
If you lose capacity before your LPA has been registered, your attorney will have a legal duty to register the LPA. Please note however, that an LPA can be registered at any time after its creation. We recommend registering the LPA straight away, so that you are safe in the knowledge that your LPA is in place.
With the reduction in the registration fee, it seems that there really is no better time than the present to look at making an LPA. If you would like assistance with preparing an LPA please contact our Succession & Tax Team for more information.
What happens if you do not have an LPA?
Having an LPA in place is the most cost effective way to give you and your family peace of mind. However, if owing to an accident or illness, you lose mental capacity and are no longer able to make an LPA, an application can be made to the Court of Protection for a Deputy to be appointed. A Deputy, like an Attorney, has the legal authority to make decisions on your behalf.
Being a Deputy can seem like a daunting task, especially for those who have only been made aware of Deputyships following a life changing event of a loved one. The list of obligations, applications and procedures can seem overwhelming.
Blake Morgan can help you through this process with our dedicated Court of Protection team. We have invaluable experience in dealing with the appointment of both professional and lay deputies and the management of our clients' assets and financial affairs on a day to day basis. Through the management of our clients' affairs, we build strong relationships with not only the client themselves but their families. If you would like any further information, please feel free to contact the Court of Protection Team.