Question about LPA with a solicitor

DRS1

FlorayG said:

I'm not actually getting answers to my original question...

Maybe no-one has done it?  That in itself may be suggestive.

Who is going to be your executor under your will?  Perhaps they could be your attorney.

ccluedo

Not an answer to your question, but if you Google AWOC, there *might* be some helpful information there. 

poseidon1

FlorayG said:

I'm not actually getting answers to my original question...

Also this link below to an article on appointing professional LPA attorneys may be helpful

https://www.rochelegal.co.uk/help-guide/appointing-a-professional-attorney-in-your-lpas/#:~:text=When you sign an LPA,are managing on your behalf.&text=It's usually recommended that you,duties, should they wish to.

Until you rock up to an appropriate legal professional to discuss your current circumstances, and whether your income/assets can bear the future costs of a professional, you wont know if it is even viable for you to contemplate a professional to take this on.

I gave my example of a professional EPA situation 17 years ago, I suspect that's the best you'll get by way of actual experience of these things.

Sarahspangles

I think people are reflecting on what happens when you pass away, because often it’s future beneficiaries who are chosen as attorneys. It’s in their interest to manage finances effectively, although they shouldn’t put their interest above your own, for example in their choice of care arrangements.

My OH was his parents’ attorney and it is certainly onerous. I think if you have no option other than paying an attorney then the cost of managing property over simpler investments need to be considered.

BikingBud

FlorayG said:

I don't have any relatives that I would burden with the problem of a LPA if it ever comes to it ( I have rental properties to complicate matters) but I really do need to set one up now I'm older and living alone and I think my only recourse is to use my solicitor
Please does anyone have actual experience of this (maybe with a friend or relative that did this?) because some people are telling me a solicitor charges a lot of money to do anything once the LPA comes into effect; also, how will my solicitor know what is 'in my best interest' when he doesn't know me other than professionally? Does he keep entirely to maximum financial benefit and not able to take into account what I would have wanted?
I'm worrying about this because I had LPA for my mother and it was a lot of work and sometimes I did what I knew she would have morally wanted with her finances ( I was lucky, she never lost capacity, just didn't want the hassle in her 90's of dealing with her own affairs, so was able to tell me)

FlorayG said:

I'm not actually getting answers to my original question...

I feel the question is in bold and many have offered an entirely reasonable perspective but as has been offered few people will have personal experience purely as a result of the circumstances. Once you need an LPA due to lack of capacity then you are not likely to be on here and people on here that can act as LPA will have and maybe have not experienced professional LPA conduct.

So the answers have focussed on how you might best protect what you want. I feel advice has been reasonable but in the same context as any potential LPA we do not know what you want. There have been prompts to document your wishes and to simplify your affairs, I would reiterate that seems very sound advice and doing it sooner rather than later may ensure that you aspirations are clear, affordable and can therefore be enacted. 

Perhaps a review of the recent news: https://www.lawgazette.co.uk/news/lpa-firm-investigated-by-bbc-silent-on-legal-action-threat/5122002.article

Might indicate what might happen if all is left to chance. 

poseidon1

BikingBud said:

FlorayG said:

I don't have any relatives that I would burden with the problem of a LPA if it ever comes to it ( I have rental properties to complicate matters) but I really do need to set one up now I'm older and living alone and I think my only recourse is to use my solicitor
Please does anyone have actual experience of this (maybe with a friend or relative that did this?) because some people are telling me a solicitor charges a lot of money to do anything once the LPA comes into effect; also, how will my solicitor know what is 'in my best interest' when he doesn't know me other than professionally? Does he keep entirely to maximum financial benefit and not able to take into account what I would have wanted?
I'm worrying about this because I had LPA for my mother and it was a lot of work and sometimes I did what I knew she would have morally wanted with her finances ( I was lucky, she never lost capacity, just didn't want the hassle in her 90's of dealing with her own affairs, so was able to tell me)

FlorayG said:

I'm not actually getting answers to my original question...

I feel the question is in bold and many have offered an entirely reasonable perspective but as has been offered few people will have personal experience purely as a result of the circumstances. Once you need an LPA due to lack of capacity then you are not likely to be on here and people on here that can act as LPA will have and maybe have not experienced professional LPA conduct.

So the answers have focussed on how you might best protect what you want. I feel advice has been reasonable but in the same context as any potential LPA we do not know what you want. There have been prompts to document your wishes and to simplify your affairs, I would reiterate that seems very sound advice and doing it sooner rather than later may ensure that you aspirations are clear, affordable and can therefore be enacted. 

Perhaps a review of the recent news: https://www.lawgazette.co.uk/news/lpa-firm-investigated-by-bbc-silent-on-legal-action-threat/5122002.article

Might indicate what might happen if all is left to chance. 

Hmm, the Craybeck case is a salutary lesson as to what can go badly amiss if the 'wrong' professional is appointed as attorney. In the interests of balance the firm strenuously refutes the allegations whilst the Law Society currently sitting on the fence. Thanks for digging this up!

Keep_pedalling

FlorayG said:

Keep_pedalling said:

FlorayG said:

Keep_pedalling said:

FlorayG said:

Keep_pedalling said:

Yes it will be expensive once they actually have to start looking after your affairs, especially as they will have a rental business to look after, but as you don’t seem to have any close relatives to leave your estate to does this really matter?

I'm more worried about the costs while I am alive actually

 so why would there be any large costs before then?  

Because professionals charge for their time

Once the LPA is registered with the OPG they won’t be spending any time acting for you until you don’t the ability to do so yourself, which could be many years away. They may make a small annual charge, but won’t be billing hourly until they have some work to do. 

Yes I'm clearly aware of this. I can't understand what you are trying to convey. Once they start to act, there will be costs

I got the impression that you thought you were going to be hit with high costs from the moment the LPA is registered, so sorry for my misunderstanding. Unfortunately if you have no family or friends to take on the role then a professional is the only way to go. By putting an LPA in place at least you are the one who has chosen the attorney rather than having it done by a court. And you will be able to give them guidance on things like end of life care, something that might not be possible later in life.

Chances are that they will probably never have to use it but it is a good insurance policy to have, and will the costs be that important to you if you are living out the last part of your life in a care home with sufficient assets to see you cared for for the rest of your life?

squirrelpie

FlorayG said:

I'm not actually getting answers to my original question...

I suspect it's a difficult question to find answers for. How many people living by themself and having lost their mental marbles are likely to post to this forum, or any other? Not many, I'd think. Maybe the conclusion is that your present financial arrangements are too complicated for your peace of mind?