Description

In this episode Tony continues further on his estate planning series with an explanation of the lasting power of attorney (LPA). These agreements allow individuals to make decisions that can effect them in the unfortunate event that they are incapacitated from making those decisions themselves.  

KEY TAKEAWAYS

• An individual can create an LPA covering all their affairs or just their health and welfare. 
• At the point the appointed attorney believes their donor is losing their mental capacity they must apply to The Office of Public Guardian to register the LPA to attain continuing authority.
• A code of practice applies to holders of LPAs including the requirement to keep the grantee's funds separate from their own or anyone else's.
• There are strict limits on the gifts that attorneys can make on the donors behalf.

BEST MOMENTS

‘It's possible to appoint the same or different attorneys in respect of each lasting power of attorney and both versions contain safeguards against possible misuse.'

‘Applications for a lasting power of attorney must be accompanied by a certificate confirming the granter understands what they are doing completed by a solicitor or medical practitioner.'

‘Instructions relate to things the attorney should or shouldn't do when making decisions. For example, not selling the donor's home unless a doctor states the donor can no longer live independently or a particular dietary requirement could be examples.' 

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Wills, Lasting Powers of Attorney, Trust and Estate Planning Specialists - Kinherit

ABOUT THE HOST

Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.  

“Live For Today, Invest For Tomorrow”

CONTACT

Tony's official website: https://ttwealth.co.uk/

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LinkedIn: https://www.linkedin.com/in/tonythomas2/

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