Lasting Powers of Attorney

A Lasting Power of Attorney (LPA) or  Welfare power of attorney (If in Scotland) is a legal document that allows a person to appoint a trusted person to handle their financial affairs and their health and welfare. Both documents are extremely beneficial and is usually seen as the final piece of the process of planning and protecting your estate.

An LPA allows the person (Donor) to plan and choose:

  • What decisions you want to be made on your behalf
  • Who will make those decisions
  • How you want them to make those decisions

The Mental Capacity Act 2005 created a Code of Practice that must be followed by the people appointed to act on behalf of the donor which not only protects the donor, their assets and health choices but also assists the people appointed to ensure that they are acting in the best interests of the donor.

If a person in England loses capacity without an LPA or an EPA (Enduring Power of Attorney which was replaced by an LPA in 2005 and can no longer be created) then joint assets can be frozen while the family apply for receivership from the Court of Protection which is an expensive and cumbersome process.

INHERITANCE TAX PLANNING, WILL WRITING, TRUSTS AND TAXATION ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

 

Contact Us:

Tel: 01620 842770    Email: euan@ergfinancialplanning.com