The importance of Lasting Powers of Attorney (LPAs) cannot be understated and to instantly dispel the biggest myth, LPAs are not something that only older and frail individuals should be considering.
In our latest podcast, we have expert Private Client Solicitor, Antony Caulfield, guiding us through everything from:
- What is an LPA?
- Who needs one?
- Who might you appoint to act on your behalf?
- What are the major risks if you don’t have an LPA?
LPAs should sit in the background and act as an insurance against something unexpected happening or can even be used if you spend long periods outside of the UK, have Assets in the UK and want the option of someone being able to act on your behalf whilst away.
Please take the time to listen to this comprehensive (30 minute) guide and call us if you have any questions.
00:20 – What is a Lasting Power of Attorney (LPA)?
01:06 – The differences between “old style” Enduring Powers of Attorney (EPA) and LPAs
02:40 – Reasons for Health & Welfare LPA
03:49 – Who should be considering setting up an LPA?
05:30 – Joint property ownership and why you need an LPA
07:53 – When does an LPA come into force?
10:32 – The importance of selecting your preferred Attorneys
16:20 – What’s the cost to implement an LPA?
17:11 – Why use a Solicitor to draft your LPA?
20:00 – What’s your protection if you appoint an Attorney?
22:44 – Can gifts still be made after an LPA has been registered?
25:12 – Can Inheritance Tax planning still take place after an LPA has been registered?
26:05 – The major risks of not having an LPA
28:20 – The specific benefits of the Health & Welfare power of Attorney
You will also find this Lasting Power of Attorney Briefing Note a useful accompaniment to the podcast.
If you have any questions about LPAs, please get in touch.