Lasting Powers of Attorney (LPAs) – are they a valuable investment or open to abuse?

Lasting Powers of Attorney (LPAs) – are they a valuable investment or open to abuse?

Recent comments in the press attributed to Denzil Lush the former Senior Judge at the Court of Protection who retired last year suggest that as many as one in eight of people making LPAs have their assets stolen by the family members they appoint as their Attorneys.

He recommends that instead of making LPAs people should do nothing. In these circumstances should they lose mental capacity a professional Deputy will have to be appointed by the Court to look after their affairs. This seems to us counter intuitive.

With professional advice for the person making a LPA and for their appointed family Attorneys, and including the Court fees the total cost of making and registering a LPA is less than £270. The cost of appointing a Deputy on the other hand is at least £2,000 with an ongoing cost of at least £500 per annum.

This is a nonsense!

Almost all of our Clients trust their children to make the right decisions for them if, and when, they are unable to take decisions themselves. Where this is not the case or there are no children we can appoint a professional Attorney, a Trust Corporation for example, who can deal with the Donor’s (the person making the LPA) financial affairs as and when necessary for a modest fee.

In summary, LPAs are an essential tool to enable your financial and health & welfare matters to be dealt with if, and when, you are unable to deal with these matters yourself. Making LPAs and the appointment of family Attorneys is by far and away the best solution.  Contact us if you have questions about LPAs.

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