Lasting Powers of Attorney – What you need to know
If you start to go doolally, or have had an accident and no longer have mental capacity, or maybe you are just getting old, then by having lasting powers of attorney you can have a loved one help look after you.
There are two. One is for your finances and the other is for your health. You need both and you should get them now no matter how young or old you are as anything can happen to you at anytime.
Not only are we living in a strange covid world at the moment, which is particularly deadly, but just a simple skiing holiday can also have devastating consequences.
Anyone remember possibly the best F1 champion of all time – Michael Schumacher? (Don’t start arguing if you are a Formula 1 fan about who is the best. You know he was great!!)
He went for a nice skiing holiday in December 2013 and we have not seen him since. He suffered a severe brain injury due to an accident. They placed him in a medical coma for 6/7 months and now he is at home receiving private medical treatment and rehabilitation. I bet he never saw that coming. I hope that his wife had lasting powers of attorney in place so she could make decisions without him. He was only 44 when this happened. That is why I have mine done already. They only cost £82 each. Not much for peace of mind.
Well, it doesn’t matter I hear you say, because if disaster does strike, I will get it done then. Well, once you are mentally incapacitated it is too late to do it the easy way, you then have to go through the Court of Protection to get someone appointed as your deputy. Hopefully they appoint someone that you want.
This is not only a lengthy process, especially at the moment, but it is very costly.
Lasting Power of Attorney – £164
Application fee £82 x 2
Court of Protection – £1,150
Application fee £365 x 2
Annual supervision fee £320
Assessment if you are a new deputy £100
Fee if the court decides your case needs a hearing is an additional £485!!
Plus being a deputy, rather than an attorney, means you have to write a report every year explaining the decisions that you have made as a deputy. AND, you may need to set up a security bond as insurance protecting the finances of the person you are a deputy for.
It is a no brainer.
