When incapacity strikes the Lasting Power of Attorney (LPA) become a family’s ultimate problem solver.
No other legal document can match it for preventing financial loss, opening doors, eliminating bureaucracy, and preventing loss of control when needed the most.
Provided of course, that it is complete and well drafted!
You may have created your own, paid a solicitor or used the Office of the Public Guardian’s (OPG) form-fill service. Whatever way, you now possess a registered LPA, which in turn convinces you that you now possess a ‘ready-to-go‘ and complete LPA. But as Shakespeare said: “All that glistens is not gold, and is so very true of a great many LPAs!
The simple truth is that an LPA will be registered even if all it contains are the details of the donor, one attorney and the certificate provider, and nothing else!
Registered certainly; complete, no! It may possibly work up to a point, but will be a long, long way from being wholly dependable.
Many such documents will fail wholly or partially at some point, and before that cause frustrations and problems for the attorneys and ultimately for the family.
A few of the more common causes of failure/problems:
1.Poorly chosen attorneys
2. No replacement attorneys
3. Attorneys and/or replacement attorneys incorrectly appointed
4. No instructions on how replacement attorneys are to come forward
5. No Will access clause
6. No investment clause
7. Badly worded/inappropriate instructions or preferences
…and outside the LPA itself:
8. Attorneys not knowing how to do the job
9. Attorneys not equipped with certified copies.
The repercussions of an inadequate LPA will be very expensive.
Rescind and restart almost certainly the cheapest option.
Be certain that your LPA is 100% dependable before registration