“A Lasting Power of Attorney (LPA) gives you the ability to appoint ‘Attorneys’ who will make decisions about your finances and property or health and welfare if you are no longer able to do so”
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The Financial Conduct Authority does not regulate Wills, LPA’s, Trusts, Funeral Plans and all services deemed to fall under the Estate Planning and Estate Administration services.
Every year, thousands of people become incapable of managing their finances because of illness or injury.
Although nobody wants to imagine it happening to them, making preparations early could save family members at least the headache, if not the heartache.
If a person becomes ‘mentally incapacitated’, a relative or friend would usually assume responsibility for paying the bills – but the process is rarely simple.
Lasting Power of Attorney (LPA) can smooth out some of the bumps by granting a trusted friend or relative the authority to make decisions on another’s behalf.
However, even with this extra power, attorneys have often struggled to fulfill their bank duties because of a lack of awareness about what power of attorney is.
There are two types of LPA – a property and financial affairs LPA, which gives control over financial matters, and a health and welfare version, which covers medication and care. You do not need to have both. Our advisors can help you to establish which one is suitable for you.
An LPA can only be used once it is registered with the Office of the Public Guardian, or the Office of the Public Guardian in Scotland.
*our fee does not include the registration fee of £82 per LPA. You may qualify for an exemption or remission of this depending on your financial circumstances. Our advisors will be happy to advise you during your free consultation.