lasting power of attorney
Give someone power of attorney… before it's too late
Putting a power of attorney in place is bread-and-butter financial planning, as it is the second most important document after a Will.
Given that many of us will develop health problems as we get older, and may even be struck down in the prime of life by accident or illness, arranging for someone to have legal control over our finances and health decisions can be invaluable. This is known as Lasting Power of Attorney (LPA).
An LPA can be used in relation to your financial affairs or your personal welfare and is a legal document that lets you appoint someone you trust as an ‘attorney’ to make decisions on your behalf. This document can be drawn up at any time while you have capacity (are still mentally capable).
The hoops you have to jump through may be frustrating and advice should also be sought, but it is best to appoint someone while you are still in good health. Most people expect to need such a representative only in extreme old age, forgetting that road accidents, for example, can happen at any time.
You can create two types of LPA:
Property & Affairs LPA
Personal Welfare LPA
Property and Affairs LPA
A Property and Affairs LPA allows you to choose someone to make decisions about how to spend your money. This can include decisions on the way your property and affairs are managed.
Personal Welfare LPA
A Personal Welfare LPA allows you to choose someone to make decisions about your healthcare and welfare. This includes decisions to refuse or consent to treatment on your behalf and deciding where you live. These decisions can only be taken on your behalf when the LPA is registered.
Don’t delay, talk to us about how you can appoint a friend, relative or professional to hold an LPA for you – contact us now!
A LASTING POWER OF ATTORNEY IS NOT PART OF THE TAVISTOCK FINANCIAL LIMITED OFFERING AND IS OFFERED IN OUR OWN RIGHT. TAVISTOCK FINANCIAL LIMITED ACCEPTS NO RESPONSIBILITY FOR THIS ASPECT OF OUR BUSINESS. A LASTING POWER OF ATTORNEY IS NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.