Do I need to have Power of Attorney to manage my estate?

Lasting Power of Attorney (LPA)

In the UK, the Lasting Power of Attorney (LPA) for property and financial affairs is a commonly used tool for estate management. This type of LPA allows your appointed attorney to handle your financial matters—such as paying bills or managing your investments—on your behalf. This authority can be crucial, not just in the event of mental incapacity, but also when you are abroad or physically unable to manage your financial matters.

A financial adviser can guide you through the process of setting up an LPA, ensuring that your assets are protected and your wishes are carried out. They will help you select the right person to act as your attorney and ensure that this selection aligns with your estate management goals. Bear in mind that your chosen attorney should be someone you trust implicitly, as they will have significant control over your financial matters.

Incorporating a PoA into your estate management

Incorporating a PoA into your estate management plan provides peace of mind for yourself and your loved ones. Knowing that your financial affairs will be handled responsibly, even if you’re no longer able to manage them yourself, is invaluable. An LPA can also be a safeguard against the lengthy and often complex process of applying for a court-appointed deputy should you lose mental capacity without an LPA in place.

Moreover, incorporating regular reviews with your financial adviser ensures your PoA remains aligned with your evolving estate management goals. Changes in your financial situation, family circumstances, or even legislation might necessitate adjustments to your PoA. Your adviser can offer critical insights and adjustments to your plan, keeping it current and robust.

A bespoke approach to your wealth management is essential

Considering the potential complexities of estate management, a bespoke approach to your wealth management is essential. Our company stands as a trusted authority in the wealth management industry, offering clients tailored advice that meets their individual needs. We bring extensive expertise and a commitment to establishing long-term relationships, ensuring that your estate management needs are not only met but exceed expectations.

By incorporating a Power of Attorney in your estate management plan, you are taking a proactive stance in securing your financial legacy. Discuss this crucial component of estate planning with your financial adviser today to ensure your wishes are protected and your estate is managed according to your preferences.

It is important to note that there are limits on this management if you are abroad. For instance, someone with power of attorney cannot top up an ISA if the account holder is not a UK tax resident.