Most families know about the importance of writing a will, but a Lasting Power of Attorney (LPA) should also be part of the discussion about estate planning.

An LPA is a legal document that allows you to nominate one or more representatives to look after your financial affairs or make decisions about your care if you are no longer able to do so.

You can set up your LPA years before you expect to need this kind of help. It will not give the appointed attorney any immediate powers or access to your financial information without your approval. It should, however, provide you with peace of mind that a trusted friend or family member will step in if you are unable to make these decisions for yourself.

In England and Wales you need to register an LPA with the Office of the Public Guardian. This can take ten weeks and costs £82. Different rules apply in Scotland and Northern Ireland.

The Financial Conduct Authority does not regulate will writing.


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