Arranging a Power of Attorney

Catherine Alexander
Partner and Mortgage & Protection Adviser at GDA

A Lasting Power of Attorney (LPA) protects your wishes while you are alive. It is a legal document that allows you to choose who can make decisions about your health and your finances when you are unable to make them yourself, for example as a result of illness or an accident.

You need to arrange an LPA in advance, you can’t apply for one once something happens or retrospectively. Without one in place, no one has the legal authority to deal with your affairs, not even your significant other or children. In that situation you would need to apply to the Court of Protection to be appointed as a deputy, and this can be costly and take a long time to complete.

LPAs can be set up for either health and care, financial decisions, or both. They can be applied for online or you can ask a financial professional to help you complete the necessary forms. You will need to appoint one or more attorneys (the people who will act for you) and someone will need to countersign the form - this could be a professional such as a solicitor, GP, financial adviser, or an independent person who is not a relative and has known you for two years or more. There is an £82 registration fee for each form unless you are on means-tested benefits, there is also a 50% discount if you earn less than £12,000 per year.

Don’t worry if your application seems to be taking a long time, it usually takes around 20 weeks for LPAs to be made official.

If you would like to discuss any aspects of setting up LPAs, please speak to your adviser or contact our team and we’ll be happy to help.

This article isn’t personal advice. If you’re not sure whether a course of action is right for you, ask for financial advice.