As we grow older we all become more aware of getting our house in order and things we want to make sure we take care of. One of the most useful tools out there is a Lasting Power of Attorney (LPA), which enables someone you appoint to look after things on your behalf should you lose the mental capacity to do so for yourself.
Having someone to stand by you and up for you when you no longer can is reassuring, as Willie Nelson’s song reminds us. But what do any of us really know about the duties of an appointed Attorney? So Langham Wills decided to shed some light on the responsibility being an Attorney on a Property and Wealth LPA presents.
A Property and Wealth LPA gives the named Attorney/s the ability to use the bank or building society current and savings accounts, and receive benefits and pensions of the Donor on their behalf to use against paying the Donors household, care and other bills. It also enables the Attorney to sell their current home and/or buy alternative more appropriate accommodation. Critically an Attorney can act on investments and it is imperative ANYONE with investments ensure their preferred Financial Adviser or Company is named within the LPA to ensure continuity – there must be expressed guidance on the Attorney ‘outsourcing’ the investment via a Financial Adviser to prevent issues over investments and continued growth.
The Law is clear that an Attorney must always act honestly and in the best interest of the Donor*. The best way to ensure this is to have the conversations in advance with the Donor. Having conversations about the pertinent questions, about wishes, and know where important financial documents are kept. Having certified copies of the LPA is often helpful. The deeper the conversations you have whilst the Donor still has mental capacity the easier it is for the Attorney to act on their behalf.
For a Lasting Power of Attorney written by experienced professionals, drawn from an IFA background Langham Wills Ltd has over 20 years of experience in Will and LPA provision. If you are keen to create greater security for your family’s financial future and desire a Will or LPA fit for purpose contact Langham Wills by email at email@example.com, via our website www.simplewillsonline.co.uk or call us on 01473 487611