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Chestnut Financial Services, Financial Advisers
Lasting Power of Attorney advice from Ian Francis, Independent Financial Adviser
Lasting Power of Attorney advice from Ian Francis, Independent Financial Adviser

Lasting Power of Attorney Advice - understandable, independent, experienced

Whatever your need for lasting power of attorney advice is, you shouldn't be left confused about the best next steps, since being protected should you become unable to handle your own financial and medical decisions is the most important thing in life.

Unfortunately, people often associate incapacity with a slow degenerative condition, such as dementia, which may allow plenty of time to arrange any legal documents before capacity is fully lost. However, whilst dementia is a common cause of incapacity, there are many other ways capacity can be lost without warning, for example, a stroke, heart attack or traumatic injury.

A Lasting Power of Attorney is a legal document which allows you to appoint someone (an Attorney) to make decisions for you when you are no longer able to do so.

Making a Lasting Power of Attorney is one of the most important things you can do to ensure that if you lose mental capacity in the future, the decisions you have made regarding your finances and welfare are still met.

Why do I need a Lasting Power of Attorney?

If you lack the capacity to make a decision and don’t have an LPA, it can be very distressing for loved ones. They will probably have to apply to the Court of Protection for an order to act on your behalf.

Financial institutions such as banks, investment companies and insurance providers, won't let you deal on behalf of somebody else unless the legal power exists in either an LPA or a Deputyship Order.

Medical and care staff won't consult you on health decisions for somebody else either unless an LPA or Deputyship Order is in place.

By creating a Lasting Power of Attorney when you still have the mental capacity to do so, you avoid the risk of your loved ones trying to take control of your finances in lengthy, stressful procedures if there comes a time when you do lack mental capacity.

Whatever you are looking for, when it comes to Lasting Power of Attorney advice, we'll help you understand your options, answer your questions and, if you want us to, help draft the documents for you.

If you are an attorney, you may want advice about what your role and responsibilities are, what you are allowed to do and not allowed, how to keep records, and how to organise care or pay bills and fees. Our role is to give you the answers to all those questions.

We think that makes great lasting power of attorney advice!

I haven't lost my marbles!

When talking about powers of attorney, I sometimes hear something along the lines of 'I don't need a Lasting Power of Attorney - I haven't lost my marbles'.

That's precisely the point!

A Lasting Power of Attorney is designed to ensure you choose someone you trust to represent you and to make decisions on your behalf if you are unable as it's too late at that stage to make a Lasting Power of Attorney.

There are, unfortunately, many high-profile instances of people suddenly rendered incapable whilst in the prime of life.

There is no money saved by waiting, and why not be protected from now?

We have considerable experience in advising clients on making Lasting Powers of Attorney and can assist you in creating a Lasting Power of Attorney. We can advise you in situations where you might want to put limitations in place regarding the decisions your attorney can make.

We can register your Lasting Power of Attorney with the Office of the Public Guardian.

We can arrange to see you at home or in hospital if you are not able to visit us.

Lasting Power of Attorney advice Photo of Ian Francis2
What happens if you lose capacity?

It is often - wrongly - assumed that family members will be entitled to make medical decisions for their incapacitated loved ones and to deal with their assets.

Without a Lasting Power of Attorney, family members may not be able to:

  • Deal with any assets that the incapacitated person holds in their name, including joint assets such as bank accounts - the assets are "frozen".
  • Pay bills, manage bank accounts (including accessing the money or stopping payments), and deal with property, savings, or pensions.
  • Give instructions to utility companies where you are the account holder.
  • Sell assets, if, for example, that were required to fund ongoing care, even if it is jointly owned.
  • Be fully involved in decisions regarding their loved one's care and medical treatment.

Those seeking to act on their behalf will need to apply to the Court of Protection for a Deputyship Order and this involves instructing solicitors to issue proceedings.

This can often cause undue financial hardship and distress at a time when they're trying to cope with a life-changing event.

By getting Lasting Power of Attorney advice, you will have peace of mind that your wishes will be acknowledged and someone will be able to make decisions on your behalf.

Deputyship and Deputyship Orders

If there is no Lasting Power of Attorney in place, an application would have to be made to the Court of Protection to appoint a deputy to make decisions for someone who lacks mental capacity and ensure that their interests remain protected.

As a deputy you can make decisions about the management of a person’s property and financial affairs and sometimes in more specific circumstances, health and welfare.

Applying to be a Deputy through the Court of Protection can be time-consuming and expensive. We recommend solicitors to make and guide you through each step, and who can act as a professional deputy in situations where no family member wants to take on the role or there is no one suitable to act as deputy.

We can advise you on the duties and responsibilities of being a deputy and support you in managing the affairs of your loved one.

We will work with you to discuss your or your loved one’s circumstances so we have a greater understanding of your or their needs.

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What it means to be SOLLA accredited

As a financial planner accredited by SOLLA (the Society of Later Life Advisers), I know that the transition to elder care happens more smoothly and is often more aligned to the expectations of the individual and their family when plans are made in advance. This includes advanced planning around finances.

It’s often a surprise to people that later-life financial planning is a specialist area within the wider field of financial advice, but it is!

Clients requiring financial planning in their later life benefit from advice that is clear and concise. Such advice comes from an adviser that is suitably qualified and experienced to advise them and manage their financial planning.

This means you can work with an expert in funding care (whether for a care home or in-home care) and other later life financial matters – ensuring that money is one less thing to worry about when arranging for your own short or long-term care, or that of a parent.

We have been advising clients on long-term care, Lasting Powers of Attorney, Will writing and retirement solutions for several years now, backed up not just by professional qualifications but also by the membership of various professional bodies, most notably the Society of Later Life Advisers (SOLLA) and the Personal Finance Society.

Our team led by Ian Francis Independent Financial Adviser
What's on your mind? Let's talk...

We offer a free, no-obligation, initial telephone consultation for new clients to answer some initial questions and help you with some first steps.

After that, we will then ask if you would like to set aside more time at a good time of day for you, when we can meet in person, on video, or by phone, whichever is most convenient for you.

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What our clients have said

"We called Ian having been recommended by a friend of ours. He simply took the time to explain things, write out the forms for us, wrote out what we needed to do and kindly called our son and daughter to explain what they needed to do as our Attorneys. So the paperwork was all dealt with by Ian for us, in such a lovely way. Our entire family are grateful for his thoughtful work."

Mary, Navenby

Contact Us

Chestnut Financial Services Limited

2a Sadler Court, Lincoln, LN6 3RG

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Important Information

Please note, that estate planning services are regulated by the Financial Conduct Authority

The guidance and/or advice contained within this website is subject to the UK regulatory regime. It is therefore targeted at consumers based in the UK. Chestnut Financial Services Limited. Registered in England no 9918363, 2a Sadler Court, Lincoln, LN6 3RG. Authorised and regulated by the Financial Conduct Authority.