Financial Decisions LPA to safe-guard

your money and property.

This can include paying bills, checking your income from pensions, benefits and investments, and looking after your bank and savings accounts. Ultimately you may need to sell your house to pay for your care. A Financial LPA will grant your Attorney the necessary authority to do all this for you and can, with your consent, be used before you lose capacity, as this can be a very gradual process. You may well want and be able to make decisions but prefer that your Attorney handles the day to day contact with the various agencies on your behalf. The Financial LPA makes all this possible.

The Dangers Of Not Having An LPA In Place

If you don’t have an LPA in place and then lose capacity, the situation can arise where no one has the legal authority to make decisions for you. If you’re married or in a civil partnership, you may have assumed that your spouse would automatically be able to deal with your bank account and pensions, and make decisions about your healthcare, if you lose the ability to do so. This is not the case. Without an LPA, they won’t have the authority. The only alternative then is for someone to apply to the Court of Protection to be appointed as a Deputy, which takes months and costs a great deal more than an LPA. Deputies also must pay an annual fee to the Court of Protection and submit an annual report of their actions.

LPA’s are created for individuals. You may want to consider a Mirrored LPA, to protect you and your partner.

The Financial Decisions LPA FAQ’s

There is a Financial Decisions LPA and a Health and Care LPA. The reason for there being two LPAs to cover these separate areas is that whilst most people choose the same Attorneys for both, you do have the option to choose different people if you wish. For example, you might want an accountant to take charge of your money and a relative to look after your care.

 Service
 One LPA
 Both LPAs
 Home Visit
 £150
 £200
 Home Visit Mirror   LPAs*
 £270
 £360
 Telephone Support
 £90
 £140
 Document Check
 £20
 £30
 Certified Copy   Service
 £15 per LPA
 Secure Storage
 £12 per year

* Mirror LPA – When a couple are seen at the same time and their needs are broadly the same.

Prices include VAT

In addition, there is a fee of £82 to register each LPA charged by the OPG.

If a donor is in receipt of certain means tested benefits, or has an income of less than £12,000 per annum, they may be entitled to an exemption or remission of the registration fee.  Please call us on 0345 230 0010 for more details.

The blunt answer is before it’s too late. Dementia, coma and strokes are the most common reasons why people lose the capacity to make decisions for themselves. Once one of these has occurred, you are no longer deemed able to appoint an attorney. If this happens, no one might have authority to pay your bills, check your income and make crucial decisions about your medical treatment. Ultimately, the Court of Protection has to appoint a Deputy instead. This takes months and costs a great deal more than creating an LPA.