Investors' Chronicle quotes Lauren Clarke on the importance of having a lasting power of attorney (LPA)
Looking after an investment portfolio, managing a pension and keeping on top of household expenses requires time and a certain degree of skill. And if the worst were to happen and you were unable to manage your personal finances, somebody else would have to take over those responsibilities.
Whether that person is someone you have chosen yourself or someone appointed by the court depends on whether you have made a lasting power of attorney (LPA).
Lauren Clarke, Senior Associate, shares some insight on the topic with Investor's Chronicle and discusses the importance of having a lasting power of attorney (LPA) to manage your finances in case of mental or physical incapacity.
Lauren explains that an LPA for property and financial affairs can be used with the donor's permission or when they lose decision-making capacity, providing flexibility for situations like hospital stays or travel.
Without an LPA, a court-appointed deputy would manage your finances, which can be a lengthy and complex process.
Lauren advises that restrictions can be included in the LPA to control the attorney's powers, and she often recommends clients express their wishes in a side letter for greater flexibility and privacy. If concerns arise about an attorney's actions, complaints can be made to the Office of the Public Guardian. An LPA can be cancelled if necessary by sending a deed of revocation to the OPG.
Read the full piece in Investor's Chronicle here.
