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Help with Lasting Power of Attorney

Have you ever considered how your finances or healthcare would be managed if you were no longer able to make important decisions for yourself? To ensure your affairs are managed as you would prefer, you may need to appoint a lasting power of attorney. Learn what this is and how it works below. 

What is a lasting power of attorney (LPA)?

A lasting power of attorney (LPA) allows an individual to permit another person to make decisions or act on their behalf. The other person – someone you trust – will make decisions on your behalf if you no longer want to make those decisions, or if you lose the mental capacity to make those decisions in the future.

A lasting power of attorney can cover two areas, namely:

 
  1. Financial affairs and property
  2. Health and care
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What is a lasting power of attorney (LPA)?

When the lasting power of attorney covers your financial affairs and matters relating to property, the lasting power of attorney must keep their own affairs separate. There are also ways to put in place extra protection.

When a lasting power of attorney covers health and care, it will only come into effect if you have lost the mental capacity to make your own decisions.  The permissions granted to the lasting power of attorney can be tailored to your preferences.

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Who can become your LPA?

You can choose anyone you wish to become your LPA, provided that they are at least 18 years old. There are further criteria for those wanting to appoint an LPA for their financial affairs and property. In this case, the LPA must have never been made bankrupt and they must not have used a Debt Relief Order (DRO) to help them get out of debt. Most people choose a close family member as their LPA, such as a son or daughter.

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Considerations for a lasting power of attorney

There are some key considerations you may want to discuss before proceeding to name and register your lasting power of attorney. Some examples include:

  • How to choose the right LPA for your situation
  • How to limit the role and responsibility of your LPA to your satisfaction
  • Possibly how to change LPA in the future or set up a backup LPA if your first choice can no longer act as your LPA
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Benefits of lasting power of attorney advice

Receiving lasting power of attorney advice can be beneficial to anyone who is considering this option. A professional in the field will be able to clearly answer all of your queries regarding choosing your LPA and the processes involved with setting it up. They can even take over the registration process to make the experience smoother and more efficient.

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Taylor James lasting power of attorney services

Taylor James offers compassionate and understanding lasting power of attorney advice services. Our team can even help you deal with the bureaucracy to get everything set up. To start the process, schedule a friendly chat with one of our experienced financial advisers.

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Call us today for a no obligation chat about planning your financial future.

Call: 0203 859 3320

Email: contact@taylorjamesfs.co.uk

Please note:

  • Advice and services in relation to lasting power of attorney is not provided under the agency of Rosemount Financial Solutions (IFA) Ltd, and Rosemount Financial Solutions (IFA) Ltd accept no responsibility for this aspect of our business.
  • The financial conduct authority does not regulate advice and services related to power of attorney.
Very efficient to resolve our remortgage and our Financial Advisors very helpful all the way .
 Rosa Castillo

FAQs

When should you use will and estate planning services?

You are never too young to consider will and estate planning services from qualified financial advisers. Although, many people turn to these services after major life events, such as having a baby, buying property, reaching a certain age, entering retirement or being diagnosed with a serious illness or medical condition. Taylor James welcomes people of all ages to contact our team and learn more about our reputable services. 

How long does it take to get a Lasting Power of Attorney?

Some people will wish to add a Lasting Power of Attorney as part of their will and estate planning strategy. The process of appointing a Lasting Power of Attorney takes up to 20 weeks, provided there are no mistakes within the application. Taylor James advisers will ensure your application is submitted correctly to avoid any delays. 

Are there tax benefits to will and estate planning?

It may be possible for estate beneficiaries to legally mitigate their inheritance tax liability through careful will and estate planning services. This is one of the most commonly cited reasons that people use will and estate planning advice services. However, this is not the only reason to consider will advice and estate planning services. Speak to our team to learn about the other potential benefits. 

Is estate planning regulated by the Financial Conduct Authority (FCA)?

No, estate planning and tax planning are not regulated by the Financial Conduct Authority. This makes it even more important to get tax and estate planning advice from a qualified and experienced financial adviser. All advisers working at Taylor James are fully accredited and knowledgeable in this area.

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FAQs

When should you use will and estate planning services?

You are never too young to consider will and estate planning services from qualified financial advisers. Although, many people turn to these services after major life events, such as having a baby, buying property, reaching a certain age, entering retirement or being diagnosed with a serious illness or medical condition. Taylor James welcomes people of all ages to contact our team and learn more about our reputable services. 

How long does it take to get a Lasting Power of Attorney?

Some people will wish to add a Lasting Power of Attorney as part of their will and estate planning strategy. The process of appointing a Lasting Power of Attorney takes up to 20 weeks, provided there are no mistakes within the application. Taylor James advisers will ensure your application is submitted correctly to avoid any delays. 

Are there tax benefits to will and estate planning?

It may be possible for estate beneficiaries to legally mitigate their inheritance tax liability through careful will and estate planning services. This is one of the most commonly cited reasons that people use will and estate planning advice services. However, this is not the only reason to consider will advice and estate planning services. Speak to our team to learn about the other potential benefits. 

Is estate planning regulated by the Financial Conduct Authority (FCA)?

No, estate planning and tax planning are not regulated by the Financial Conduct Authority. This makes it even more important to get tax and estate planning advice from a qualified and experienced financial adviser. All advisers working at Taylor James are fully accredited and knowledgeable in this area.