Richard Woodward & Associates
Church View House, 17 Church View, St Neots, Cambridgeshire PE19 2BB | Telephone 01480 290060
LPA's ‘Not just for really old people with dementia’
It’s a misconception that LPAs are only for really old people, take this example.
DAY 1. Barry age 59 is shopping in town one winters day, he slips backwards and hits his head on the pavement, then after being taken to hospital 3 days later his family are told Barry has suffered a massive bleed on the brain and this has severely affected his mobility and decision making ability's, Barry as defined by the 2005 mental capacity act has ‘lost capacity’ and can no longer look after himself or his finances.
DAY 6. Family told he will never recover.
DAY 9. Because there are no LPAs set up All bank accounts with Barry’s name on are ‘frozen’ including the joint account, his wife Mary is unable to sign on Barry’s behalf.
DAY 10. Mary needs to make an application to Court of Protection to become Barry’s deputy but has to borrow money from her son as their bank account is frozen, the total cost will be approximately £2,000 to £3,000 and will take 3-4 months.
DAY 30. Due to Barry’s physical situation there is urgent need to move to a bungalow. This cannot happen as she is unable sign for husband and so Mary will have to wait for the Court application to succeed
DAY 116. Court makes it’s ruling, Mary will be made “deputy” but first must take out £275,000 guarantee bond to protect her own husband’s assets against her mismanagement!
Cost £550 every year.
DAY 118. Court tells Mary how much she can spend, she must keep detailed accounts and make regular reports to the Court.
There will be more fees for the different reports and Court requests in total estimated at £1,500 each year.
Fact: All this will go on day in day out, every month of every year until her husband dies.
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Our Prices: All arranged with free home visits
Single Standard Wills £85 each
Mirrored Standard Wills £150 the pair
Specialist Wills £175 each
A 'Pair' of Protective Property Trust Wills £250
to help protect your home from Care costs.
Pair of 'Lasting Powers of Attorney' £375 + OPG fees
Also Probate & Family Trusts arranged with specialist lawyers we work with.
The passing of the 2005 Mental Capacity Act has had far reaching repercussions for many families in England and Wales. The effects of the Act are set to increase as more and more people come in to contact with the Office of Public Guardian and Court of Protection.
The Act was set up to protect people who may lack capacity to make some decisions for themselves, at first glance this seems a sensible approach to protect those who are vulnerable and lack the mental capacity to look after themselves.
However in reality it declares that no one
including the spouse, is allowed access to the assets and accounts (even those held jointly) in that individual’s name.
In the event of your spouse losing capacity either suddenly or over a period of time there are only two alternatives. Firstly to already have a power of attorney in place, or secondly make an application to the ‘Court of Protection’ to become a deputy.
This is where years of expense and frustration can start. Just Google ’Court Of Protection Problems’ and you will see the number of people at their wits end because no Power of Attorney was in place and they are made to deal with the Court Of Protection.