Remember to plan for a forgetful future

Now, where did you leave those keys? Why did you need to call whatshisname? And what DID you go upstairs to look for?

As we get older, these sort of questions can become part of every-day life (where did I leave my coffee?).

Often, it’s annoying, but when push comes to shove, it doesn’t really matter (did I even make that cup of coffee??).

But it can get serious when it comes to money matters – and there are steps you can take to make sure someone you trust can look after your financial affairs for you.

It’s called a Lasting Power of Attorney (LPA), a legal document that will allow you to make decisions on your behalf if you are struggling with your memory as you get older.

It can also cover issues surrounding your health and welfare.

But it must be done before you are no longer capable of making decisions, or your loved ones face a long and potentially expensive process to be able to take control of your affairs by applying to the courts for a ‘Deputyship’.

The ‘Deputyship’ can be made by anyone over the age of 18, and might not be someone you would have chosen to take over your affairs.

And it could be a costly process – here’s how the figures currently add up:

  • Setting up the deputyship – £920
  • Medical Assessment – £500
  • Representation at court hearing – £750
  • Property & Finance Deputy: First Year – £1,610, Subsequent years – £1,276
  • Health & Welfare Deputy – £500 max per year
  • Preparation of Annual Accounts – £230
  • Preparation of annual Court of Protection Report – £230

In the first year (aside from the time it would take) the costs could be £4,510, with subsequent yearly costs at £2,006!

Bear in mind these are based on the courts allowances under fixed costs. A solicitor may charge more if they consider extra work is needed.

And remember, if you set up an LPA, you don’t necessarily lose control. You can specify whether it can be used either before, or only when, you lose your mental capacity.

LPAs can be set up relatively cheaply, and you don’t necessarily need a solicitor to do it.

So why not speak to us at Will Makers of the Midlands on (01952) 305105 or 07786 548025 or email enquiries@willmakersofthemidlands.co.uk

Remember, if you don’t have a Will, the authorities will decide how and who should receive your assets according to rules called the ‘Laws of Intestacy’.

Simply call us on 01952 305 105 for more information or to arrange a convenient time to meet one of our consultants.

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WHAT OUR CLIENTS SAY ABOUT US

I have known David for over ten years and cannot recommend him too highly.

He has written several Wills for me and my family and also Powers of Attorney.

I have recently had my Will written by David. He came to our house and gave us a first class service, he was very helpful and guided us through the process. The after care is also excellent, you are given wallet sized cards which detail your Will and where it is stored, if legislation changes updates to the Will are completely automatic reflecting these changes. I would highly recommend David to any of my friends or colleagues.”

With two young children our major concern was to ensure that we implemented the right provisions for their future care and financial well being. The way that you structured our meeting and the advice that you provided, has left the pair of us feeling incredibly comfortable. We now have a legal document that would ensure our aims have been met. We couldn’t recommend David highly enough.

I have known David for some time and find him to be extremely knowledgeable and professional.

Friends and family of mine have used David’s services and the feedback has always been very positive.

Peter Clowes

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Karen Babington

I recently had to deal with a difficult situation getting my brother to resolve his Will and powers of attorney due to his illness – with various complications from previous marriages and many emotional barriers to clear solution of his wishes. His own solicitor had made a dreadful attempt at sorting things out and drafted a Will saying the exact opposite to the wishes I had been asked to deliver as executor. Having used David, previously, for my own Will, I called on him to deal with my brother’s affairs in Sussex. David could not have been more helpful, knowledgeable and swift to sort all this out, including travelling to my brother’s home to deal with matters. I don’t think I can recommend David highly enough – he has the ability to deal with what could be distressing and morbid in a most positive and compassionate manner.

Emma Davies

I recently had to deal with a difficult situation getting my brother to resolve his Will and powers of attorney due to his illness – with various complications from previous marriages and many emotional barriers to clear solution of his wishes. His own solicitor had made a dreadful attempt at sorting things out and drafted a Will saying the exact opposite to the wishes I had been asked to deliver as executor. Having used David, previously, for my own Will, I called on him to deal with my brother’s affairs in Sussex. David could not have been more helpful, knowledgeable and swift to sort all this out, including travelling to my brother’s home to deal with matters. I don’t think I can recommend David highly enough – he has the ability to deal with what could be distressing and morbid in a most positive and compassionate manner.

Emma Davies