17 August, 2017
Lasting Powers of Attorney (LPA) for Property and Finance are widely considered essential documents when it comes to managing someone’s affairs on a day-to-day basis.
They can be used before or after the donor loses capacity and enables the attorney to invest and manage money, sell property and deal with the donor’s general finances.
Former senior judge Denzil Lush, who acted as a Court of Protection judge for over 20 years, has stated that he believes that LPAs can have devastating effects on families and for that reason he would not complete one personally.
Whilst he is correct that in some situations LPAs cause mistrust and friction between families, generally speaking LPAs simplify what can often be a stressful time in the lives of donors and their families and make the process of accessing a family member’s assets easier.
Taking proper legal advice is incredibly important when considering making LPAs. Friction often arises when the donor appoints someone that the family do not approve of or feels may not be appropriate. Whilst it is ultimately the donor’s decision whom they appoint, it is important that the attorney is someone trustworthy and suitable.
It may also be necessary to undertake a capacity assessment or consider whether any undue influence is being exerted on the donor. All of these factors are taken into consideration by our team of qualified solicitors who can advise you on making your LPA, instructions to add to your LPA and who may be best placed to act as your attorney.
LPAs are designed to facilitate the day-to-day management of a person’s financial affairs and if executed correctly should remove the otherwise stressful situations which can arise where a LPA is not in existence.