Getting Powers of Attorney Right
A lasting power of attorney or deputy has wide powers to deal with the financial affairs of an individual on their behalf. We work with clients setting and reviewing their financial plans and this also involves putting long term plans in place to safeguard their best interests. If you have not taken the time to have a will drawn up or arrange lasting power of attorney, your loved ones will most likely not be able to grieve in peace but will have to deal with confusing legal procedures and lack of financial support.
Lasting power of attorney, or LPA, is when you have legally appointed a trusted person to manage your health, possessions or finances, when you are no longer able to do so yourself. Without LPA, spouse or family members will need to apply to the Court of Protection to appoint a Deputy to your case. This is often a lengthy, complicated and financially taxing procedure.
Moneywise reports research from Royal London that the number of investigations into lasting powers of attorney soar. They reported “The number of investigations into the actions of attorneys and deputies who have been given the responsibility to manage an individual’s finances or make decisions on their behalf has soared by 45% in the past year.”