Lasting Power of Attorney for Property and Financial Affairs - Do I need to put in place?
Updated: Jul 25, 2019
If you are not capable of acting in respect of your finances you will have already expressed your choice of person or people to act on your behalf. Hopefully you will not be in the situation where it needs to be used. However, the document gives some peace of mind that if you were to become mentally incapable you are prepared. The advantages of preparing and registering this document in advance include:
You have chosen the person or people to act for you should you become mentally or physically incapable of managing your financial affairs;
It is easier for your chosen attorney or attorneys to act in your best interests;
A Lasting Power of Attorney can be revoked at any time whilst you retain capacity;
You can include who to consult about financial planning if the need arises;
The types of investment you may decline eg. non ethical;
You can guide your attorneys as to the use of annual Inheritance Tax exemptions;
You can confirm that charitable donations are to continue.
You should consider an LPA as part of prudent planning for the future. A recent report by Co-op Legal Services has found that 79% of respondents over the age of 45 years have not made an LPA.
Contact Garden Wall for a holistic review of your protection needs.