As people get older, unfortunately, there may come a time when they are no longer able to make financial decisions for themselves. As that time approaches many people choose to set up a lasting power of attorney arrangement whereby a trusted friend, or family member, takes on the responsibility of making these decisions on their behalf.
According to the latest figures from the Office of the Public Guardian, the number of investigations into the use of power of attorney has increased by 45% in 12 months – so it is important to know what is, and what isn’t, possible when considering such arrangements.
When set up well, the attorney fulfils a vital role in safeguarding the interests of the person they are acting for. However, some experts believe the sheer number of investigations into the actions of attorneys is concerning and action needs to be taken to curb poor practice. Royal London has produced a comprehensive guide, Good With Your Money which covers many of the key issues and can be downloaded by clicking this link.
With 25 years’ experience helping individuals, families and businesses to place their financial affairs in context with their future goals and aspirations, The Financial Planning Group are here to provide a simple, structured, disciplined and reviewable planning service. We will change the fundamental relationship people have with their money to give them confidence and clarity in their own future.
If you would like to like to arrange a consultation at our offices in the heart of Teddington, please call Tim Norris or Alan Clifton on 0800 731 7614.