A recent article in a financial newspaper reports that many LPAs should, but do not include an explicit instruction to outsource investment advice. This omission will pose significant problems for the attorneys, put at risk the donor’s assets, and make LPAs far less efficient than they should have been.
There is also an increase in the number of attorneys wanting to make decisions about money or property but the donor’s financial adviser feels it is not in his/her client’s best interest. Understandably, this has forced some advisers to disengage from their client and to report their concerns to the Court of Protection, an outcome that can only increase problems for the family.
This reflects two major failings with LPAs that we have been shouting about for a long time. Namely, LPA creation treated as a mere form-filling exercise; and that the vast majority of attorneys have little or no knowledge of the role they volunteered for. No surprise then, that more attorneys are attempting decisions beyond their legal remit.
Fortunately, Life Planning clients will avoid both problems. We provide the most comprehensively completed LPAs bar none. In addition, all our client’s attorneys get a free copy of our Attorneys Guide. This is the only Attorney ‘educator’ in the UK, and is now helping many acting attorneys avoid the usual pitfalls and problems. These attorneys will at least know what to do when it comes to investing!