ChatterBank0 min ago
Lasting Power of Attorney
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Can one of you legal eagles give me a benchmark as to what I should pay a solicitor to set up a Lasting Power of Attorney. I know the registration fee is �120 and that I can do it myself with forms off the OPG site but I am wary as the cost of making a mistake is loss of fee. Both my wife and I are going to set one up naming each other and our sons. Tia
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I have been quoted circa �750 for a dual pack (Finance & Property + Personal Welfare).
It is not so much the loss of fee in making a mistake, but that the LPA�s are invalid as a result. My understanding is that the LPA is not sent to the OPG until those named within the LPA need to run your affairs, and not before.
It is at this point in time that any deficiencies will become apparent and could cause big problems for those hoping to use the LPA�s to run your affairs.
It is not so much the loss of fee in making a mistake, but that the LPA�s are invalid as a result. My understanding is that the LPA is not sent to the OPG until those named within the LPA need to run your affairs, and not before.
It is at this point in time that any deficiencies will become apparent and could cause big problems for those hoping to use the LPA�s to run your affairs.
Once you have gone gaga, you will not have the mental capacity to complete the LPA � and therefore it is vital you complete the LPA while you still meet the criteria set out by the LPA.
My initial post is incorrect !!!!
Once completed, an LPA can be registered immediately so that it is ready to be used once you lack capacity.
However, an LPA gives your attorney (the person you have entrusted with making decisions for you) powerful control over your life. Theoretically your attorney cannot act for you until you have lost the capacity to decide for yourself.
To me, there don�t appear to be sufficient safeguards to stop an unscrupulous attorney using an LPA for their gain, when you consider you still have the mental capacity to act for yourself.
Therefore, in my opinion, it would be far better to complete the LPA, ready to be registered once you know you are starting to go gaga. That way, you and your attorney would agree that the time has come, when your attorney should be making decisions for you.
Should you be unfortunate to suffer a dramatic loss of mental capacity (e.g. stroke etc), your LPA would be ready to be registered � and your attorney could start deciding things for you.
My initial post is incorrect !!!!
Once completed, an LPA can be registered immediately so that it is ready to be used once you lack capacity.
However, an LPA gives your attorney (the person you have entrusted with making decisions for you) powerful control over your life. Theoretically your attorney cannot act for you until you have lost the capacity to decide for yourself.
To me, there don�t appear to be sufficient safeguards to stop an unscrupulous attorney using an LPA for their gain, when you consider you still have the mental capacity to act for yourself.
Therefore, in my opinion, it would be far better to complete the LPA, ready to be registered once you know you are starting to go gaga. That way, you and your attorney would agree that the time has come, when your attorney should be making decisions for you.
Should you be unfortunate to suffer a dramatic loss of mental capacity (e.g. stroke etc), your LPA would be ready to be registered � and your attorney could start deciding things for you.
I know of a quote of over �1000. Other firms - some will writing firms for example - will do them for far less.
I'm not sure Hymie's advice is right. The registration process takes several weeks and it could be difficult if this was done when mental incompetence had started. There should be means of including wording to prevent the attorneys acting until the onset of mental incompetence. If this is done, then registering straight away would seem to be best. Have a close look through all the information on the OPG website.
I'm not sure Hymie's advice is right. The registration process takes several weeks and it could be difficult if this was done when mental incompetence had started. There should be means of including wording to prevent the attorneys acting until the onset of mental incompetence. If this is done, then registering straight away would seem to be best. Have a close look through all the information on the OPG website.
Just another suggestion - somewhat late in the day. Ring Help the Aged and ask them what they know about costs in your local area. They will not recommend a specific source but may have an informal view of benchmarks to pay for professional advice.
Here is the leaflet they produce (but which I suspect won't tell you too much new).
http://www.helptheaged.org.uk/NR/rdonlyres/172 8C31F-6C0B-4ECD-8F76-D29FF2BF27D7/0/enduring_p owers_110907.pdf
Here is the leaflet they produce (but which I suspect won't tell you too much new).
http://www.helptheaged.org.uk/NR/rdonlyres/172 8C31F-6C0B-4ECD-8F76-D29FF2BF27D7/0/enduring_p owers_110907.pdf
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