Once you understand what a Lasting Power of Attorney is, and how it can help you in the future, you can begin putting an LPA in place, but where do you start?
Firstly, you’ll need to think about who you’d like to appoint as your Attorney. You can have just one Attorney, or multiple. You can choose a family member, or a friend, but you should take time to think about how they will cope acting as your Attorney. Whoever you choose will need to be:
- an adult of sound mind
- not bankrupt
- someone you trust.
As your Attorney or Attorneys must always act in your best interests, they must consider all of your circumstances before making a decision. Additionally, and where appropriate, they must consult with you and other people who also have an interest in your welfare.
Once you have created your Lasting Power of Attorney, it cannot be used until it is registered at the Office of the Public Guardian. As soon as it is, your Attorney (or Attorneys) can act on your behalf when you lose mental capacity, or if you ask them to take over straight away. You don’t lose the right to look after your own affairs when an LPA is registered. You can also include restrictions on your LPA that could limit how and when your Attorney can make decisions on your behalf.
A Lasting Power of Attorney is an important legal document, and so working with a professional such as a financial adviser to ensure you get it right, could save you time, money, and stress in the long run. With extensive experience in creating LPAs, we can guide you through the process of creating this important document. As a result, you can relax in the knowledge that you have future proofed your wealth and planned for your welfare in any eventuality and ensured that your assets will remain in safe hands if anything happens to you.
Speak to one of our financial advisers today to arrange your Lasting Power of Attorney.
Please note: the FCA does not regulate advice provided on wills, trusts or Lasting Powers of Attorney.
Tuesday 14 November 2023