Why consider a solicitor as your Lasting Power of Attorney?

A Lasting Power of Attorney (LPA) is a legal document appointing someone to deal with your financial and legal affairs in the event that this ever becomes necessary. In some cases, people appoint a trusted relative or friend to fulfil the role. Before you make that choice, though, ask yourself if you (and your future Attorney) are aware of everything the role entails.

Why a family member might not be the safest choice

For something as momentous as appointing the person who will make financial and legal decisions on your behalf, it is understandable that many people gravitate towards a loved one who they know and trust. Choosing someone who you believe will make the right decisions according to your interests is certainly crucial.

There are, however, several challenges involved with choosing a family member as Attorney. These relate broadly to legal expertise, time commitment and professional conduct.

Questions of law

Being an Attorney requires a specific set of skills, not least of which is a sound grasp of relevant laws. Attorneys are obliged to follow protocols, so it is crucial anyone stepping into the role understands what they will be facing. Does your chosen personal contact have the expertise needed to carry out your wishes?

Time burden

Second, carrying out the role of Attorney involves a significant time commitment. For that reason, it is important to consider your family’s own personal circumstances before appointing them. Will your choice have time to spend making all your important decisions? Might they find the duty overwhelming? Are they emotionally prepared for the undertaking?

Family harmony

Finally, even within harmonious families, major legal and financial decisions can cause friction. Family relationships can change, whereas appointing someone who is professionally regulated means they are obliged to act in your best interests whatever happens.

Making the right choice

Take the example of care costs. If your Attorney is tasked with deciding whether to sell your home to pay for your care costs, appreciation of your best wishes is vital.

However, beyond that, they will also need good legal knowledge to deal with the sale, including interacting with estate agents and other professionals. Financial expertise can help keep everything in the estate tax efficient. Finally, to comply with insurance policies, your Attorney will have to inspect the property at least once a week, adding a major time burden.

Benefits of choosing a professional Attorney

Knowing that you have a specialist on your team who is dedicated to supporting you in managing your affairs should you need it can be a huge weight off your shoulders. While, in some cases, there may be benefits to choosing a family member, it is often better for your loved ones to be free from the major time commitment that comes with being named as an Attorney.

For peace of mind, choose someone who is professionally regulated and has the time and expertise to handle whatever might arise. At Attwaters, we deal with LPAs every day, always providing a sensitive, thorough service adapted to your wishes.

Our Wills, Trusts & Probate team is here to talk about your options. Get in touch today by emailing enquiries@attwaters.co.uk or call 0330 221 8855.