A Lasting Power of Attorney (LPA) is a legal document that allows an individual (the donor) to appoint someone they trust to make decisions on their behalf if they lose mental capacity. While many people choose family members or friends for this role, appointing a professional attorney is an increasingly popular option for those seeking expert and impartial decision-making.
A professional attorney is typically a solicitor, accountant, or another qualified professional with expertise in managing finances, property, or personal welfare. They act as a trusted representative for the donor (you), ensuring that decisions are made in the donor’s best interests and in compliance with legal obligations.
Expertise and Knowledge: Professional attorneys have in-depth knowledge of financial management, legal processes, and welfare considerations, making them well-suited to handle complex situations, such as managing substantial assets or navigating care arrangements.
Impartiality: Unlike family members, professional attorneys approach decisions without emotional bias, reducing the risk of conflicts among relatives.
Reliability and Continuity: A professional attorney provides a dependable and consistent presence, especially for donors without close family or those who prefer a neutral party to manage their affairs.
Professional attorneys are often recommended for those with complex financial or welfare needs, strained family dynamics, or those who want to ensure their wishes are respected.
A professional attorney offers expertise, impartiality, and peace of mind, particularly for those with complex financial or welfare needs or strained family dynamics. While the associated costs may be higher, the assurance of professional and impartial decision-making often makes it a worthwhile choice for many donors.
Paragraph 7.59 of the Mental Capacity Act Code of Practice states that attorneys who are being paid for their services or hold relevant professional qualifications must demonstrate a higher degree of care or skill than those acting in an unpaid or informal capacity.
At Kinherit, we have a panel of trusted and regulated firms, we can introduce you to the correct firm for your needs.
Start your estate planning journey today with our expert guidance.