Growing number 'turning to a Lasting Power of Attorney'

People are increasingly looking ahead when it comes to protecting their financial assets and are protecting Lasting Powers of Attorney, an expert has advised.

Solicitor Rachel Aldous has told Lexology that people are concerned about getting precautions in place while they are still capable of doing so.

She said that the power of attorney, in which authority over one's affairs is delegated to another where the donor loses capacity, is a popular method of safeguarding one's possessions.

"It is important to ensure that Lasting Power of Attorneys are drafted carefully, that suitable attorneys are appointed and that any appropriate restrictions are included," Ms Aldous advised.

Where somebody has not appointed an attorney, it is necessary to apply to the Court of Protection and appoint a deputy who is able to manage their financial affairs.

Earlier this month, Peter Chadborn, director of Plan Money, told Money Marketing that creating a Lasting Power of Attorney is essential for those dealing with potential long-term care costs.

Published by Phil Hammond