lasting power of attorney

WELLSIANA

any advice..this new selling item is being highly pushed and i can see the value of it in certain circumstances albeit rarer than not.
But i still prefer a mirror cover for the wife and me , but getting nearly a £1,000 to set it up .
Anyone know of any good sites-business that can do it cheaper as i find that cost a bit steep .:T

dunstonh

this new selling item

Its not new.

is being highly pushed

Its common sense to have it.

But i still prefer a mirror cover for the wife and me , but getting nearly a £1,000 to set it up .

LPOA is £110

Anyone know of any good sites-business that can do it cheaper as i find that cost a bit steep .

Do you mean a mirror will or LPOA?
What is a sites-business?

PensionTech

You can do it yourself for £110 per LPA if you're reasonably savvy. There's a guide here: http://www.moneysavingexpert.com/family/power-of-attorney and lots of information on the government sites https://www.gov.uk/power-of-attorney/overview and https://www.lastingpowerofattorney.service.gov.uk/home#/guide/topic-lpa-basics. The Office of the Public Guardian, your local Citizens Advice Bureau and people on the MSE forums can all help you if you have questions about your application.

I also don't know what is meant by "mirror cover" though; this does sound like you're talking about wills rather than LPAs.

Linton

PensionTech wrote: »

...

I also don't know what is meant by "mirror cover" though; this does sound like you're talking about wills rather than LPAs.

Presumably so that each has access to investments held in their spoouses name should the spouse become mentally or possibly physically incapacitated. Seems like a good idea - I hadnt thought about it.

Vortigern

WELLSIANA wrote: »

any advice..this new selling item is being highly pushed...

Pushed by whom?

I would guess that a solicitor, financial advisor, or even a bank/building society is trying to push you in this direction so they can take a commission or fee for their services.

As others have said, you can DIY for £110

dunstonh

Linton wrote: »

Presumably so that each has access to investments held in their spoouses name should the spouse become mentally or possibly physically incapacitated. Seems like a good idea - I hadnt thought about it.

I had someone in that situation and didnt have the LPA but the spouse suffered quick mental incapacity. The LPA would have cost £110 but couldnt do it any more as he was no longer mentally capable. So, the courts had to be used instead. That would have cost thousands. So, the LPA is a good insurance policy for those with investments.

patanne

DIY of an LPA is an extremely good idea, the sooner the better, but doing the health version at the same time is also a very good idea. My sister and I set up one for our mother a few years ago. It turns out it was in the nick of time as she suffered a dramatic deterioration, not through a stroke or similar, she just broke her hip. Two weeks later and she was totally 'institutionalised', wouldn't walk, wouldn't read a book or even watch TV without being told to. Definitely no stroke involved but it was all a real shock that at least we were able to deal with as we had the POA. Without that we would not have even had much input into which care home she went into and if you need input into anything it is that as the most expensive is definitely not necessarily the best.

She didn't have much in the way of investments, just some savings and a home. The home had to be sold - would you want your local authority to be doing this - to clear out your parent's 'stuff'. Without a POA you don't even have the right to talk to their energy provider, not even their local library to see if all their library books have been returned.

But DIY - why pay someone to do something that you can definitely do yourself. I was actually advised by a solicitor not to waste my money on paying her!

frogeyesimon

If you are capable of filling in a passport application form, then, IMO, you are more than capable of filling in a LPOA application

Whether or not you need advice in the expression of your wishes is a different matter, and for that, some may choose to seek professional advice.

SeniorSam

In my opinion, these are an essential part of protecting each other and your family.

My wife and I completed Lasting Power of Attorney (LPOA) forms some years ago when they changed from Power of Attornay forms which were in place before the change. Now, if either of us gets to the position of not being able to manage financial matters or health matters, then these can be implemented.

The figure of £1000 sounds like someone is trying it on and wants to get far more in the way of commission than they should. I suggest that you have no further dealings with that person for your own safety.

Sam

daveyjp

There are two LPOA forms. One for decisions on healthcare and one for financial matters.

Each costs £110 and they are simple enough to DIY if your circumstances are straight forward.

euronorris

Everyone should have LPOA's setup. People commonly think about them being useful in cases of dementia, but there are many, many, many other instances where they can be useful. Mental incapacity can occur in a split second in car accidents, bike accidents, various sudden & serious illnesses, skiing accidents etc etc. The list goes on.


Michael Schumacher is a good example of this. Fit and healthy, only 46, and in an instant his mental capacity was gone.


LPOA's are actually relatively low cost, especially when compared to your next of kin having to obtain a deputyship order instead if one is not in place - not to mention the extra time and hassle involved in what will already be a very stressful and upsetting time for them.