So, you’ve been asked to be an attorney… but what does that mean?

If someone has appointed you using a lasting power of attorney (LPA), you can make decisions on their behalf once the LPA has been registered. That person is known as the ‘donor’, and you are their ‘attorney’. You don’t need any legal experience for this. Whilst still able, you should assist the donor to make their own decisions wherever possible.

There are two types of LPA – ‘health and welfare’ and ‘property and financial affairs’. Sometimes the same people will be attorney for both types of LPA, sometimes not. There may be more than one attorney responsible for making decisions and the donor will specify whether you need to agree on the decisions you’ll make (jointly), or whether you can make decisions with another attorney or on your own (jointly and severally).

The donor can include specific instructions within an LPA but it’s a great idea to talk to the donor to understand how they would like you to act in their best interests in different circumstances. For example, regarding charitable giving, plans for their money and how they would like to be cared for if they became ill.

What happens if you can no longer act as someone’s attorney?

There are many reasons an attorney can cease to act on a donor’s behalf – they may decide they don’t want to anymore, may lose mental capacity, perhaps they were a spouse or civil partner and the relationship subsequently ended or they have died.

When someone is arranging LPAs, we would always suggest they indicate ‘reserve’ attorneys just in case so ideally, if you aren’t able to act for them, there will hopefully be a backup.

As award-winning vulnerable customer champions, we’re well-placed to help you plan to prepare for the future, whatever that may hold. We can help to organise LPAs and also help to guide attorneys to ensure they are supported in making financial decisions in your best interests.

If you would like to have a relaxed chat about your financial circumstances, or to arrange LPAs, please don’t hesitate to get in touch. Call 0117 3636 212 or email office@haroldstephens.co.uk.

Richard records regular video updates on a range of later life financial topics - search ‘Harold Stephens IFA’ on YouTube.