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I HAVE A WILL SO WHY DO I NEED A LASTING POWER OF ATTORNEY?

  • August 8, 2023

MAKING DECISIONS IN RELATION TO YOUR FINANCIAL AFFAIRS, HEALTH AND WELFARE

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It is critical to consider the potential consequences of not having a Lasting Power of Attorney (LPA) in place.

Many people assume that their loved ones or close relatives will automatically have the authority to make decisions on their behalf. However, this is not the case, and without a Lasting Power of Attorney, those close to you will not have the legal authority to handle your financial affairs, health decisions and welfare.

Setting up a Lasting Power of Attorney

This is vital to ensure that you have a trusted individual who can manage your affairs when you are no longer able to do so yourself. It is essential to think about these scenarios in advance and plan accordingly by setting up a LPA. This legal document will ensure that your wishes are respected and carried out. regardless want to plan for the unexpected or have been of your capacity to make sound decisions.

COSTLY AND TIME-CONSUMING MEASURES

According to the research. although Three- Despite the fact that 95% of UK adults are aware quarters (74%) of Britons deem LPA necessary, of the LPA. a recent study has revealed that only only 37% of them have actually put it in place.

In one in three (33%) actually know how to use it contrast. around three-quarters (76%) of people effectively, leaving a considerable proportion at in relationships have discussed Wills and trusts risk of costly and time-consuming measures if with their spouse. they were to lose their spouse111• LPA is a legal document that enables you.

SAME-SEX MARRIED COUPLES

To delegate decision-making authority to one or more trusted individuals to manage your financial matters. property affairs. health and welfare. You can set up a Lasting Power of Attorney at any time, provided you meet the age requirement of 18 years and have the mental capacity to make sound decisions.

The research also highlighted that less than half (41%) of married couples have enacted LPA, and a quarter (24%) have no plans for doing so.

which suggests that many couples view this measure as unnecessary. and often mistakenly believe that LPA is automatically granted to married couples.

Notably, this issue disproportionately affects same-sex married couples. where awareness of the importance of LPA is higher than the population average (87% compared to 76%). but uptake is lower (30% compared to 41%).

NEXT STEP?

If you would like to discuss this in more detail or any other financial topic then get in contact. The next step is down to you to change your life.

    • A free 30 min call / video call by clicking here,
    • Calling us on 020 8611 2521 / 01252 411 851

Compton Financial Services – here to meet all your pension, investment and mortgage needs.

Compton Financial Services Ltd is an Appointed Representative of New Leaf Distribution Ltd. who are authorised and regulated by the Financial Conduct Authority. Number 460421. Head Office 165 – 167 High Street, Rayleigh, Essex SS6 7QA. Co registration Number 5520001.

Source data: [11 https//adviser.scottishwidows.co.uk/assets/literature/docs/2023-03 power-of-attorney.pdf

THIS ARTICLE DOES NOT CONSTITUTE TAX OR LEGAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE. SEEK PROFESSIONAL ADVICE. POWERS OF ATTORNEY/WILL WRITING AND TRUSTS ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.