My son wants me to get power of attorney and I say it’s a waste of money – who’s right? – Stephanie Mooney answers a question in This is Money

Stephanie Mooney, associate in our private client team, writes in This is Money, answering the question: My son wants me to get power of attorney and I say it's a waste of money – who's right?

Stephanie replies that she is often asked if a lasting power of attorney (LPA) is really necessary.

A financial decisions LPA allows your chosen attorney(s) to take care of matters on your behalf such as paying utility bills, liaising with banks and selling your home, if this proves necessary before your death.

An LPA also allows your attorney(s) to give direction as to how your pension is managed."

Stephanie makes the point that:

If you lose mental capacity without an LPA, someone would need to apply to the Court of Protection to be appointed as a 'deputy', in order to manage your affairs.

This is a time consuming process. It currently costs £365 to make the application and deputies also have to pay an annual supervision fee."

She then goes on to give further details of all the benefits of having an LPA. 

You can read Stephanie's full answer in This is Money here.

Further information

For more information on powers of attorney (LPAs) and on inheritance planning  opportunities, please contact a member of our private client team.