News
After much speculation in the press that there would be a complete inheritance tax overhaul especially on lifetime gifts and “loopholes”, our first female chancellor of the exchequer Rachel Reeves announced some surprising changes this afternoon. Julie West Solicitors private client solicitor Emma Westsmith explains.
Lasting Powers of Attorney
Essential tools for lifetime planning
Lasting Powers of Attorney (LPAs) can be used to give your loved ones the power to make decisions about different parts of your life if you become unable to. Although it can be distressing for you and your family to consider loss of health or capacity to make decisions, making LPAs can also be a reassuring process as you discuss with trusted family members what is important to you. You can appoint several people, or attorneys, to help manage your affairs.
There are two types of LPA. The LPA for Health and Welfare covers medical treatment and care, from daily routine to life-sustaining treatment. Financial matters such as bank accounts, bills, pensions and dealing with property are governed by the LPA for Property and Financial Affairs.
In both types of LPA, you can express your preferences and give binding instructions, so your chosen attorneys will know and act on your intentions and wishes.
Your attorneys are only permitted to make decisions under your Health and Welfare LPA if you have lost capacity to do so yourself. In contrast, under the Property And Financial Affairs LPA, you can opt for your attorneys to be able to act straight away. This means your attorneys can help you with everyday jobs like going to the bank.
From the team at JWS, here are our 5 reasons to put making LPAs on your New Year’s resolution list this year:
When you make your LPAs, you can choose every detail of the process. You can choose who you appoint as attorneys, how and when they can act for you, what you want them to do, and you can discuss further details with your solicitor to best protect the interests of you and your attorneys. Making LPAs guarantees your choices will be respected.
Even though your Lasting Powers of Attorney give decision-making powers to others, you can control how much power is given to your attorneys. You can put limitations on what they can do.
You cannot be forced to make LPAs; making LPAs must be discussed with a certificate provider who can verify that you are not being coerced into signing and you know exactly what you are agreeing to.
Not only are your choices protected and clearly laid out for your attorneys, if attorneys ever act against your best interests, this can be reported and the Office of the Public Guardian will step in and help.
If you change your mind, you can revoke your LPAs at any time.
Making LPAs now will save you and your loved ones both time and future expense. To register LPAs requires a one-time fee, whereas to appoint a family member as a deputy later on requires annual fees and frequent reporting. LPAs are ‘lasting’ by definition; once they are made and registered, they can be used by you and your attorneys and no further payments or administration are necessary.
You and those close to you can enjoy the reassurance that the future is in safe hands, and your arrangements are legally protected. People are living longer, everyone is at risk of becoming unwell or losing capacity in the future, with LPAs in place your attorneys are prepared to handle your affairs and can act without delay if the need arises.
Becky Baker - legal assistant
You do not need a solicitor to make LPAs. You can find out more and make an application for registration using the Office of the Public Guardian online system: https://www.lastingpowerofattorney.service.gov.uk/home
However, there are many advantages to using a solicitor to help you make your LPAs. LPAs are complex documents which create powers with serious consequences. Relying on interpreting the basic guidance published by the government is unlikely to achieve the best possible result for you. If you choose to appoint a solicitor you will receive expert advice tailored to your situation.
At Julie West Solicitor our team of solicitors have the necessary experience to ensure everything you need is covered. We offer competitive fixed fees and bundled deals for LPAs. We have helped hundreds of families get their affairs in order, in other words, we've seen it all. We work hard to make the process as painless as possible for you, including keeping our advice friendly, approachable, simple and free from jargon.
