Choosing a Power of Attorney: Key Considerations

Selecting a power of attorney is a vital decision in your estate planning. This person will have the authority to make legal and financial decisions on your behalf if you become unable to do so. In the United Kingdom, understanding the key considerations when choosing a power of attorney is crucial. In this guide, we will explore the factors you should keep in mind when making this important decision. Please note that the information provided here is general in nature and not a substitute for legal advice. Always consult a solicitor or financial advisor for personalised guidance.

Types of Power of Attorney

There are different types of power of attorney in the UK, and the type you choose will depend on your needs:

• Lasting Power of Attorney (LPA): Lasting Powers of Attorney cover decisions related to health and welfare or property and financial affairs. You can choose one type or both, depending on your requirements.
• Enduring Power of Attorney (EPA): Enduring Powers of Attorney are no longer created but may still be valid. They cover property and financial affairs and were replaced by LPAs in 2007.

Choosing Your Attorney

When selecting an attorney, consider the following:

• Trustworthiness: Your attorney should be someone you trust implicitly, as they will have significant legal and financial responsibilities.
• Understanding Your Wishes: Your attorney should understand your values and preferences to make decisions aligned with your beliefs.
• Organizational Skills: Attorneys should be well-organized to manage your financial affairs efficiently.

Successor Attorneys

Consider naming successor attorneys in case your primary attorney is unable or unwilling to act. This provides a backup plan to ensure your affairs are managed properly.

Legal Guidance

Consulting with a qualified solicitor or financial advisor is crucial when choosing a power of attorney. They can provide expert guidance to help you select the right attorney and ensure your legal and financial interests are safeguarded.

Disclaimer

The information provided in this article is intended for general educational purposes and should not be considered legal or financial advice. Laws and regulations may vary by jurisdiction and change over time, especially in the UK. Always consult with a qualified solicitor, financial advisor, or legal professional to obtain personalised guidance regarding your specific estate planning and power of attorney needs.