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Television personal finance expert Martin Lewis has urged people to set up a Lasting Power of Attorney (LPA), stressing their importance for all age groups, not just the elderly.
Importance of LPAs
On his ITV show, Mr. Lewis explained: “A power of attorney is more important than a will. A will decides what happens to your assets if you die; a power of attorney decides what happens to your assets if you lose your faculties and you have family that you need to look after but you are no longer capable of doing so yourself.”
An LPA allows you to nominate a trusted person to manage your finances if you become incapable. Lewis emphasized that having an LPA doesn’t mean giving up control now, and there are safeguards in place. “Everyone should have an LPA. I’ve had one for 10 years and I have no foreseeability of losing my faculties.”
Types of LPAs
There are two types of LPAs:
Both LPAs must be registered with the Office of the Public Guardian (OPG). Setting up an LPA provides peace of mind that your interests will be managed by someone you trust if you lose the ability to make decisions.
For more information or advice on family law matters, readers are encouraged to contact the legal team at southgate solicitors at 02080040065 or [email protected]. It’s important to note that the content of this article is general information and not legal advice, and readers should seek independent expert advice for their specific situations. Our experienced team at southgate solicitors is here to provide expert guidance and support.
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