What happens if it is too late to make a Lasting Power of Attorney?
A person can only make a Lasting Power of Attorney while they have mental capacity to do so. If they do not have the mental capacity then an application may need to be made to the Court of Protection for a Deputyship order.
Applying for deputyship once someone is unable to look after their own affairs takes a long time. It can also be very expensive.
Legal fees would exceed £1,200, a medical assessment, £55, and a £400 application fee.
An indemnity bond to insure against misuse of funds costs £300 a year for the first three years and £200 a year thereafter. Once the premium has been paid, the insurer notifies the court to enable deputyship to be granted.
In addition, an annual “supervision fee” is payable to the Office of the Public Guardian of £100 in the first year and £320 a year thereafter. A full set of accounts must be produced annually.
“A Lasting Power of Attorney would have been so much simpler, effective and cheaper.”
A Lasting Power of Attorney may never be needed. But, if you have it in place you and your family have peace of mind.
Wheelers Solicitors can fully support you in all stages of creating and registering a Lasting Power of Attorney. We will take the time to fully explain the process to you.