Why use a financial adviser for Lasting Powers of Attorney

A lasting power of attorney is a document by which one person (the “donor”) gives another person (the “attorney”) the power to act on their behalf and in their name. There are two types of LPA – health and welfare and property and financial affairs.

Without a property and financial affairs LPA, no one is permitted to manage your financial and legal affairs should you become unable to make decisions for yourself. Even if you are married, in a civil partnership or have adult children, no one will be allowed to make important decisions without going through an extremely intrusive, time-consuming, and expensive guardianship process.

This could lead to you missing out on new opportunities to manage your wealth effectively for your loved ones and limit the amount of support that is easily accessible to help with your care.

There are strict rules around what attorneys can do with an LPA and a lack of understanding or misinterpreting of these rules can also inadvertently lead to misuse of the LPA. It can be daunting being given the responsibility of making decisions for another person and often leads to families falling out at what can be a time of significant stress.

Using a financial adviser to organise your LPA can ensure everyone involved understands the role of the Office of Public Guardian and the Court of Protection and what the LPA allows. With oversight of the financial position especially, an adviser can provide guidance to the attorney and therefore reassurance for the whole family that the provisions in the LPA and actions of the attorney are in the donor’s best interests.

As award-winning vulnerable customer champions, we’re well-placed to help you make a plan to protect your wealth and prepare for the future, whatever that may hold. If you would like to have a relaxed chat about your circumstances, please don’t hesitate to get in touch.

To book a complimentary meeting with Richard Higgs to discuss your later life financial planning needs, please get in touch by calling 0117 3636 212 or email office@haroldstephens.co.uk.

Richard records regular video updates on a range of later life financial topics - see more here.