Digital LPAs: leaving the elderly at risk?
Last year, the Financial Conduct Authority suggested that Lasting Powers of Attorney should be granted online.
Some commentators have reacted to the proposal with claims that this will leave the elderly and vulnerable at risk.
In the following article, the estate planning solicitors at Future Planning solutions examine these claims and outline how a solicitor can help you prepare an LPA.
To discuss your power of attorney needs with a member of our expert team, call 01282 695400.
The importance of having an LPA
A Lasting Power of Attorney is an important legal document. It allows you to appoint someone you trust to make financial and/or care decisions on your behalf should you lose mental capacity.
This means that you could appoint a close family member or friend to make decisions spanning from collecting your benefits to selling your home or from deciding on what care you will receive to where you will live should illness, age or accident prevent you from doing so.
With no LPA in place, if you were to lose capacity, no one can legally act on your behalf and your loved ones may be faced with applying to the Court of Protection for a deputyship order. Deputyship orders can take months to come into force and are often costlier than taking out an LPA.
You can read more about how a Lasting Power of Attorney can help protect you by clicking here.
Digital LPAs: the potential dangers
Creating an LPA online may seem like a quick and convenient solution.
However, numerous commentators have suggested that abolishing the ‘wet signatureâ? currently required on a Lasting Power of Attorney will put the elderly and vulnerable at risk of fraud.
Given the range of responsibilities that an LPA spans, Solicitors for the Elderly Chairman David Sinclair warns that a fully digital system could see your home handed over to someone else in a few clicks.
Similarly, a fully digital system could lead to mistakes in the completion of LPA paperwork. Any errors would lead to the application being rejected and incur further costs.
How a solicitor can help you with an LPA
By instructing a solicitor to complete your Lasting Power of Attorney you can be confident that mistakes won’t be made and the document will accurately reflect your wishes.
If you choose to instruct a solicitor, they will also normally store the document in safe storage giving you extra piece of mind that it can be quickly accessed when needs be.
You can read more about the benefits of appointing a solicitor to handle your LPA by clicking here.
Let Future Planning Solutions take care of your LPA needs
Future Planning Solutions is a regulated and trusted firm of solicitors. Our expert team have already helped hundreds of Lancashire residents prepare for the future and are on hand to assist you.
To book a free initial consultation with a Lasting Power of Attorney specialist call 01282 695400.
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Book a free conversation with one of our specialist solicitors to find out how Future Planning Solutions can take the hassle out of handling your affairs.
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