v THE NEXT HERALD IS OUT ON 12TH SEPTEMBER v Page 68 • The HERALD • 22nd August 2024 ASK A PROFESSIONAL WHY ESTABLISH A LASTING POWER OF ATTORNEY by Heritage Will Writing No-one likes to think about losing the ability to manage their own a airs, but approximately 820,000 people in this country have some form of dementia. Many others su er from strokes, brain injuries or have mental health conditions, and the truth is there are many things that can impact on someone’s ability to look a er their own a airs - regardless of age. In fact, you almost certainly know someone in this situation. Whilst it’s an uncomfortable thought - and no-one ever believes it will happen to them - around 2 million people in the UK lack mental capacity and it’s something that can happen to anyone, at any time. A Lasting Power of Attorney (LPA) prepares for the eventuality, and whilst this article covers some of the basics, a more detailed explanation can be found by visiting www.heritagewillwriting.co.uk. Lasting Powers of Attorney – e Basics • A Lasting Power of Attorney is a legal document that lets you ‘the donor’ appoint one or more people (‘the attorneys’) to help you make decisions or to make decisions on your behalf. e important thing is that you get to choose who will act on your behalf, and you are able to choose people you can trust - people that will ful l their legal responsibility to act in your best interest • If you lose mental capacity and don’t have a Lasting Power of Attorney in place, the Court of Protection will appoint a Deputy to manage your a airs on your behalf. is will involve signi cant legal fees, including annual supervision fees of up to £800, application fees, doctors certi cation fees, a security bond, a deputy fee and a long delay before the Deputyship Order is issued • It’s a common misconception that, in the absence of a Lasting Power of Attorney, your partner or close family member (next of kin) can make decisions on your behalf when you are no longer able to do so - this isn’t the case • It’s another popular common misconception that joint bank accounts can still be used when one of the account holders loses capacity. is isn’t true - in practice, the bank will freeze joint bank accounts, unless there’s a Lasting Power of Attorney in place. For most people trying to deal with a partner that has lost capacity, this represents a signi cant issue • ere are two types of Lasting Power of Attorney, one covers your property and nancial a airs, and the other covers your health and welfare. Many people assume that those making the nancial decisions also make decisions relating to health and care - this isn’t the case, which is why we highly recommend having both types in place • You can apply limits to the authority your attorneys have, if appropriate • Lasting Powers of Attorney replaced the Enduring Powers of Attorney (EPA) in October 2007 If you need any help or advice with regards to preparing your Lasting Powers of Attorney, please contact us on 023 8087 9243 or email: info@ heritagewillwriting.co.uk Upcoming Oakhaven Business Club Networking Events Oakhaven Business Club runs regular networking events with local businesses across the New Forest, Waterside and Totton. Businesses can pay-as-you-go per person per session, or become an annual member for £250 with additional bene ts. Upcoming events: Lunch on a Private Yacht, Tuesday 3rd September, 1pm-3pm, join Oakhaven for a light lunch and networking on private yacht Mad Moment at Lymington Yacht Haven (£20pp). New Forest Walk & Work, Tuesday 10th September, a 1 hour walk followed by tea/co ee (£15pp). Tuesday 8th October, 9.30am-11.30am, New Forest Walk & Work, a 1 hour walk from Oakhaven Hospice followed by tea/co ee & cake (£15pp). Networking Gin Tasting, Tuesday 22nd October, 5pm–7pm, learn all about New Forest Distillery, 820 Spirits, including a gin tasting and speciality OAKtober cocktail, (£25pp). For more information about how to join the Oakhaven Business Club or to book a space for one of the networking events please visit: www. oakhavenhospice.co.uk/oakhaven-business-club
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