Chestnut Financial Services Limited

10 Newark Road, Bassingham, LN5 9HA

Call Us: 01522 788887

Email Us: ian@chestnutfs.co.uk

Chestnut Financial Services Limited

10 Newark Road, Bassingham, LN5 9HA

Call Us: 01522 788887

Email Us: ian@chestnutfs.co.uk

Chestnut

Financial Services Limited

10 Newark Road,

Bassingham,

LN5 9HA

Call Us: 01522 788887

Email Us: ian@chestnutfs.co.uk

Lasting Power of Attorney Writing Service

A Warm Welcome From Ian Francis, Independent Financial Adviser

A 'Lasting Power of Attorney' is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf.

This gives you more control over what happens to you if you have an accident or an illness and can’t make your own decisions (you ‘lack mental capacity’).

There are the two types of 'Lasting Power of Attorney' and we would always advise that your clients hold both:

• Property and Financial Affairs

• Health and Welfare

The 'Property and Financial Affairs Lasting Power of Attorney' deals with, as the name suggests, any assets (including money) owned by the individual.

The 'Health and Welfare Lasting Power of Attorney' deals specifically with matters relating to an individual's health and wellbeing.

The 'Lasting Power of Attorney’s' responsibilities will be set out in the document. It will explain what kind of decisions the attorney will be able to take, and under what circumstances - typically when the donor no longer has the mental capacity to do so.

Being an attorney could involve decisions about issues such as healthcare (eg should the donor be moved into residential care) or finances (eg claiming benefits and dealing with taxes on behalf of the donor).

An attorney must act in your best interests and taking reasonable care when making decisions on your behalf. They must comply with the terms set out in the document. They must also help you make your own decisions where possible, rather than simply taking control.

When is a Lasting Power of Attorney Used?

A 'Property and Financial Affairs Lasting Power of Attorney' could enable a friend or family member (the 'attorney') to operate a bank account, receive benefits or pensions, pay bills and buy or sell a property. This type of 'Lasting Power of Attorney' can often be useful before capacity is lost, as well as after, but have physical limitations that mean they find it hard to get to the bank or to meetings, for example.

The 'Health and Welfare Lasting Power of Attorney' can only become effective once mental capacity is lost. The attorney can make decisions such as what hospital treatment is provided and what nursing home is most appropriate.

For both types of 'Lasting Power of Attorney', best practice is usually to register them with the Office of the Public Guardian (OPG) straight away to ensure they are correct. Note that it's important to remember that a 'Lasting Power of Attorney' can only be used once it is registered, and the attorney must act with your best interests in mind - and can only act if you want them to.

What is often overlooked is that the 'Property and Financial Affairs Lasting Power of Attorney' can be used at any time once registered; not just as a result of incapacity, be that mental or physical. This could help clients who struggle to leave the house to visit the bank to pay their bills or manage their finances.

Lasting Power of Attorney - Conker
Lasting Power of Attorney - Conker

We Can Help!

These documents are really important to provide reassurance that all your affairs are looked after even if you are struggling or unable to look after them yourself, by people that you trust given legal authority to tell others about things entirely on your behalf.

By offering this service we believe our clients can benefit from a truly holistic planning service. Chestnut can help draft each 'Lasting Power of Attorney', to take account of all your wishes. Our advice aims to ensure that you are cared for if you become unable to manage your own affairs at any stage of life through either, accident, ill health, the onset of mental illness or simply old age.

Lasting Power of Attorney - Conker
Lasting Power of Attorney - Conker

Knowledge and Expertise

Because setting up a lasting power of attorney can be more complex, depending on what you would like to achieve, than we’re able to explain here, rest assured, we use our skills and expertise to stay up-to-date with current thinking, changing legislation and new products to ensure you receive only the highest quality advice.

Estate planning is not regulated by the Financial Conduct Authority.

Contact Us - Emma Francis
Contact Us - Emma Francis

Please Get In Touch

You can telephone our office on 01522 788887, we always look forward to speaking with our clients.

Alternatively, you can email us. Our address is ian@chestnutfs.co.uk

You can telephone our office on 01522 788887, we always look forward to speaking with our clients.

Alternatively, you can email us. Our address is ian@chestnutfs.co.uk

Or please complete this contact form and we will get back to you as soon as possible!

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Chestnut Financial Services Limited is authorised and regulated by the Financial Conduct Authority, and is entered on the Register under reference 840940.

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.

Chestnut Financial Services Limited; registered in England and Wales no 9918363, registered office 10 Newark Road, Bassingham, LN5 9HA. VAT Registration Number is 304 9810 11