If you have already made an Enduring Power of Attorney, is there any benefit in making a Lasting Power of Attorney?
I think the first point to consider, is that the Enduring Power of Attorney is only in relation to property & finance. In my opinion the health & welfare Lasting Power of Attorney, is as important as its counterpart.
If I lose mental capacity, I want to know that someone whom I love and trust, is able to make sure that my best interests are met. That they will make sure, I am well cared for. That the things that have been important to me, as an individual, throughout my life will still be upheld, at a time when I am most vulnerable. It’s very important to me, that my wishes regarding life sustaining treatment are known. I would like to remain in my own home, for as long as reasonably possible. I know that my husband and children would support that decision but without this document in place, they will just be my wishes, with no voice to fight my corner.
The Enduring Power of Attorney can be used without the need to be registered, until the individual loses mental capacity. The registration process takes between eight and twelve weeks. This is a very long time for your affairs to be on hold. Attorneys are able, to continue with existing transactions but would be unable to enter into new arrangements, during this period.
Now, I realise that cost is a major reason for not wanting to go through this process again. Unlike some firms, our fees are much lower. I have spoken to clients recently, whose solicitor would charge them, more to apply for registration, than we would to complete all of the documents and oversee the registration process. We always apply for a reduction of the registration fee where appropriate. With this in mind, it may be worth thinking about putting Lasting Power of Attorney in place.
I am always happy to discuss this subject, so please don’t hesitate to get in touch if you would like more information.