Lasting Power of Attorney

  Pine Man 10:04 20 Mar 2018
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Answered

A lot of forum members are in the upper (very upper) age bracket and I thought I would share this info with you.

My wife and I have each decided to create a Lasting Power of Attorney following all sorts of problems with our parent’s health and managing their estates prior to death. We don't want to inflict those sorts of problems on our children.

I looked at all the local solicitors and the best deal I could come up with was £395 + VAT each, which does not include the £82 each Registration fee. Most were a lot, lot dearer!

If any of you are considering making an LPA have a look at the Government web site first.

You can download the forms or complete them on line. It may look a little daunting, but it took me about two hours and 48 sheets of A4 paper to complete the forms for both of us and all I need now are a few signatures and the £82 Registration fee.

Over £900 saved!!

If you haven’t considered an LPA think about it as it resolves a lot of potentially, expensive and troublesome problems.

click here

  carver 10:10 20 Mar 2018

Just be careful about doing it yourself, there are so many legal loopholes you can fall through and find yourself with something you did not want. A legal expert on this subject could be worth their weight in gold, a few years ago one person had his house sold from underneath him and nothing could be done to stop it.

  carver 10:13 20 Mar 2018

one link here click here

  Pine Man 10:18 20 Mar 2018

carver

You make a valid point but having read the guidance thoroughly on the Gov web site and sticking to that advice I was confident with the result.

I also found a solicitors web site that allowed you to prepare your LPA on line and forward it to them. They still wanted a lot of money but I filled it out on line following their advice with each entry and came up with exactly the same as I did doing it myself using the Gov web site guidance.

  Pine Man 10:20 20 Mar 2018

Further to the above, the only way you can really pass a judgement on the Gov web site is to read it. The instructions and advice within it are extremely clear and easy to understand. There are several warnings about certain aspects and specific advice given to avoid problems.

  john bunyan 14:24 20 Mar 2018

Pine Man

A useful and timely post. It amazes me that some people don’t even make a will. NB The Scottish system is slightly different.

  Forum Editor 14:39 20 Mar 2018

I once urged a colleague to do this, but he resisted, saying 'there's plenty of time before I need to think about dying'. He was 54 at the time.

A year later, he had a massive heart attack and died on the train going home from work.

  Pine Man 16:19 20 Mar 2018

I thought I'd just add that I am not in any way suggesting that someone should complete their own LPA unless they are 100% confident that they are happy with the contents.

In addition I would, however, point out that it is nothing like a will where legal jargon is important. This is basically a 24 page form that is filled out by you OR your solicitor. All the jargon is there with spaces to insert details of the people you want involved and witnesses. This is the only form that is acceptable for registration so it's all about confidence in your decisions and whether you want to fill the form in for nothing or pay a solicitor about £500 an hour to do it for you.

  AroundAgain 17:09 20 Mar 2018

Many thanks for raising this issue, Pine Man :)

I agree it's a very good idea to have a Will and LPA prepared before one meets their demise.

I, too, don't like helping to line the wallet/purse of solicitors unless it's absolutely necessary. I do feel solicitors seem to 'take the mickey' a bit when it comes to charges, although I fully appreciate their advice can definitely be worth it

So, I will now have a good read of the Gov site and, as you mentioned, other sites for online completion of LPA form and, if I feel confident enough, I will 'do my own' LPA form ;)

As intimated by FE, one never knows when their time will 'run out'

  Pine Man 17:21 20 Mar 2018

Don't forget that the LPA dies with you. It is necessary for your financial affairs to be dealt with in the event you are incapable before you die.

  AroundAgain 19:30 20 Mar 2018

... and that's where your Will comes into the equation, eh? ;)

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