Crucial things to remember when setting up Lasting Power of Attorney

In August 25, 2017
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In a recent feature on the BBC, a retired senior judge has warned of the lack of safeguards in the Power of Attorney system in England and Wales.

This was in relation to a case whereby a War veteran’s money and medals were stolen after giving his neighbour control of his financial affairs through a Lasting Power of Attorney (LPA).

The neighbour withdrew nearly £9,000 from Mr Willett’s account in a single transaction.

As he had Power of Attorney, the bank didn’t contact Mr Willett’s relatives. The neighbour drew out more money, using the sums to pay his own bills.

In early 2008, Mr Willett’s daughter Lesley managed to revoke the Power of Attorney but discovered all of her father’s money had gone, his medals – from 35 years service in the Army – and a number of other personal items.

The ordeal clearly caused much devastation to Mr Willet’s family along the way.

This case raises a few questions, for example why was Mr Willet’s daughter not appointed as an attorney and responsible for her fathers’ welfare?

When the legal documentation was being drawn up, why didn’t a professional question why their Client was not appointing his daughter? Or make sure the daughter was at least informed of the LPA being drawn up in favour of the neighbour? Were these legal documents even drawn up by a professional?

LPA’s are fantastic and very protective for you and your family, but only if you are appointing someone you TRUST implicitly. Having an LPA professionally drafted, means going through the correct procedure and a professional will help ensure you only appoint people who will act in your best interest and check there is no undue influence. This is why Lasting Powers of Attorney should never be done as a DIY job.

Our advice is to discuss such important matters with your family and to include them in all conversations, that way there are no nasty surprises should mental capacity be lost. We would also recommend using professional services to ensure that all legal documentation is correctly drawn up. If you would like to learn more about LPA’s why not come along to one of our upcoming seminars?

Further information can be found here!

 

Jasmine has been a qualified Financial Planner since 2008. She has also been a member of the Society of Will Writers since 2012. She is passionate about helping Clients build their wealth and achieve the financial lifestyle they desire. Her areas of expertise are that of Savings, Investments, Pensions and Retirement Planning.

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