What is a Lasting Power of Attorney (LPA)?
An LPA is an important legal document that allows your clients to choose other people to make decisions on their behalf, when they are unable to make them themself. Setting up an LPA is a significant step to ensure that your client and their family have peace of mind and protection in the future.
Why do your clients need an LPA?
Your client can decide in advance how future choices should be made for them and who should make them. They can appoint someone they trust to look after their finances, and they specify what decisions they can make.
An LPA can also offer added peace of mind for families of clients who have an equity release plan, as you can ensure your clients loved ones will still be able to access any cash reserve that can be withdrawn in the future.
It’s important to arrange your clients LPA now
Your clients can only set up an LPA whilst they retain the mental capacity to do so. In other words, by the time they need one due to an accident, illness or because they are mentally unable, it will usually be too late.
If your client doesn’t have an LPA in place, their loved ones might not be able to automatically look after their financial affairs and the Court may have to appoint someone to manage their finances. This can be a lengthy, stressful and costly process for your clients family.