As more of us receive our jab it is pleasing to see that the important issue of sorting out Lasting Powers of Attorney has come to the fore. The increased highlighting of mental health and the detrimental effect the last year has had on the community would appear to be producing a lot of activity and people are no longer ‘putting it off’ and they are ‘just doing it’.
Make sure you get the right advice and instruct professionals with a safe process for you and your family.
The Lasting Power of Attorney document was launched as the replacement for Enduring Power of Attorney on 1st October 2007. It is great to see the Government at last running a publicity campaign explaining to everyone how important it is that we get these documents drawn up and in place. No time is the right time but leaving it too long means thousands of families are trying to deal with a loved one’s affairs with no legal ability to do so. Many people spend thousands of pounds trying to gain a very poor ‘second best’, taking many months, and still giving them, little say on Health and Welfare matters.
Follow the Governments advice and remove the worry for your family and loved ones. Do it now to cover all unforeseen occurrences.
It is possible to create your own LPA documents online. However, there are almost innumerable ways to make mistakes. This often leads to months of altering and resubmitting for many people. Remember the registration body are not there to advise.
The opportunity to give more detail on your preferences and instructions is a potential ‘minefield’.
More lately it has probably become even more important that you add legally approved clauses specific to your circumstances.
One relates to your savings and investments. Without it. The Financial Conduct Authority will not allow banks, financial advisors, fund managers etc. to continue looking after your affairs once an attorney takes over.
Others relate to how you are cared for, where and ensure attorneys have legal success to your will. There are many more that must be legally drafted.
It is an option since 2015 for you to create and register your Lasting Powers of Attorney digitally online. Of course, a good number of us have and are doing so. The actual number is perhaps not as many as you would think due perhaps to the numerous selection and choices you must make without any legal advice. If you have already registered your documents, you cannot be sure that the documents are right for you and your particular circumstances. The registration body is not there to advise, just to check certain generalities such as dates and protocols being followed, and the documents are clearly written. We have offered for some time now a service whereby you send a copy of the registered document to us and we will check and give you relevant advice. If it is ‘good to go’ in our opinion, we will tell you so.
We do not charge for this service. Many people have and now enjoy peace of mind for the future.
A very important development has finally begun to surface after more than seven years.
Your Lasting Power of Attorney for Property and Affairs in many circumstances will not cover business affairs. Changes in the Law mean that you probably need to create a document specific to business that you are involved in. As many ‘retired’ people continue their legal involvement in a variety of income sources or investments it does not just apply to the younger generations. The registration body suggests that you should consider having LPAS separately for personal and Business matters. We have been providing this service since 2016 and draw from the experience gained with many clients.