Anyone can put a Lasting Power of Attorney (LPA) in place provided they have the required capacity. If the person granting the LPA has capacity, then these are widely considered the quickest and most cost-effective option, with the registration process currently taking up to 20 weeks from the date of submission.
An LPA is not your only option, however. An individual can grant a General Power of Attorney (GPA) to any nominated person or persons and can be restricted to deal with a specific transaction or to be in place for a specified period of time. The GPA is not a long-term solution and should not be treated as such.
If an individual has lost capacity, a family member can apply to the Court of Protection to be appointed as their Deputy. Unfortunately, a deputyship application is generally more complex, costly and time-consuming.
At present, an application takes a minimum of 12 months from the date of submission to the date that the order is granted. This means that the family and or deputy applying to be appointed, are unable to access the individual’s funds, meaning that bills such as care home fees, utilities and sundries go unpaid for long periods of time.
If you have a loved one who may need assistance with their finances, either now or in the future, don’t delay making arrangements to ensure that they are protected, speak with one of our specialist solicitors today to discuss the options available to you.
The team of experienced lawyers and Solicitors will handle your situation sensitively and advise you of the best solution for your individual requirements.
For further information please contact a member of the Wills & Probate team.