Medical Family Finance is your helping hand through life's challenging financial landscape
Lasting powers of attorney
A lasting power of attorney is a legal document that appoints someone to manage your affairs in the event you are no longer able to do so. This might be the case, for example, if you are impacted by a health condition which affects your mental capacity.
The lasting power of attorney means a trusted representative can make decisions affecting your care and your finances on your behalf.
Without a lasting power of attorney in place, your loved ones will have to apply to the courts to have someone appointed to manage your affairs and in our experience, this can be a very lengthy and costly exercise for your family which could last many months. You may also not get the outcome you may have desired.
A new online application service is being introduced to replace the old paper-based system. It is hoped that many more people will now register a lasting power of attorney.
Types of lasting power of attorney
There are two types of lasting power of attorney, health and welfare, and property and finance. You can take out one type or both, to ensure your total personal affairs are covered.
A health and welfare lasting power of attorney will cover such issues as your daily care, your medical treatment, where you should live and your personal correspondence.
A property and finance lasting power of attorney will cover paying your bills, managing bank accounts and investments, and selling property.
You can draft a lasting power of attorney yourself or you can ask a professional to help ensure the form has been completed correctly. Medical Family Finance can provide this service.
We will send you the relevant form to complete online. We will check the details are correct and finalise the form before asking you to sign it (this must be a wet signature).
We will then submit the lasting power of attorney to the Office of the Public Guardian (OPG) for registration.
At MFF, we consider creating a lasting power of attorney to be one of the most important decisions you can make to protect your interests and to ease the burden on your loved ones. Please speak with your adviser if you require any further information or assistance and they can point you in the right direction.
The cost for each type of lasting power of attorney is £250 plus VAT (plus the £92 set fee the OPG charges for each type too).
Please note – upon completion of the online form, you will be invoiced by Medical Family Finance within seven days, with the fee payable before the completed documentation is sent to the OPG.
For more information about our lasting power of attorney service, please contact your adviser directly or call 020 7252 5765.
Lasting Powers Of Attorney are not regulated by The Financial Conduct Authority.
Will writing is not part of the Quilter Financial Planning offering and is offered in our own right. Quilter Financial Planning accept no responsibility for this aspect of our business.
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Get in touch with our adviser team
To arrange a complimentary initial consultation with one of our team, please use this contact form or phone 020 7252 5765.