What is a Lasting Power of Attorney?
Dying without leaving a valid Will stating who should inherit your estate when you die will mean that you will die ‘Intestate’ and the intestacy rules will be used to decide who should inherit. This may mean that part or all of your estate will pass to those you did not wish to benefit or to the ‘Crown’ if you have no relatives.
What are the risks if
I don’t have an LPA?
All of my bank accounts are joint accounts so I should be fine?
Unfortunately that is not the case, joint accounts can be severely restricted if one of the joint account holders loses capacity. The law states that not even the spouse or civil partner has the right to make financial decisions on behalf of their incapacitated partner without a registered LPA or the consent of the Court of Protection
Is it straightforward to set up an LPA?
Yes its very straight forward to set up whilst you have full mental capacity. We will act as your certificate provider and both LPAs can be set up for a nominal amount of £700 and the additional cost to register these with the office of the Public Guardian is currently £82 each