- Private Wealth
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Last week news hit of a war veteran whose neighbour befriended him to the point of becoming his attorney on his Lasting Power of Attorney, only to exploit him by stealing thousands of pounds, selling his war medals, late wife’s jewellery and other possessions.
Creating a Lasting Power of Attorney (LPA) allows you to appoint attorneys to make decisions for you regarding your assets (Financial LPA) and welfare (Health and Welfare LPA).
LPA decisions must always be treated with great care as must your choice of attorney. LPAs can be incredibly useful and there are plenty of safeguards to prevent fraud and other pitfalls.
We usually recommend that Financial LPAs have joint attorneys so at least two people must make decisions. The Health and Welfare LPAs are often better with a single attorney as often such decisions need to be made as a matter of urgency.
We also provide an additional safeguard by storing your LPA until it is needed as it is an active document once it has been registered with the Office of the Public Guardian.