A client with an Lasting Power of Attorney can protect your business
Pensions and Equity Release
If your client is in drawdown and there is no Lasting Power of Attorney (LPA) in place, what happens if they lose capacity?
Potential problems include:
- Your client can’t give you the authority to continue.
- It might be necessary to apply to the Court of Protection for a deputy to be appointed but
this can take months to finalise.
- In the interim you would not be able to act for them.
- Allegations against you from family members - You could find yourself vulnerable to your client's family members making an allegation that their relative didn’t understand your advice due to a lack of capacity – but this can be resolved by ensuring your clients have an attorney in place.
By having a Property and Financial Affairs Lasting Power of Attorney in place, it gives the reassurance to both you and your client that, if they were no longer able to make their own decisions, they have the right person there who can. This also means that you can continue to provide ongoing services to your clients.
Even if your client is still able to make their own decisions, this may be a subject to raise with them as part of their future financial planning strategy.
Why use Wrigleys Solicitors?
We specialise in this type of work. We don’t have an in-house group of financial advisors, so we will work with you: we won’t compete with you.
For further infromation, please download a Client Guide to LPAs or a Brochure to hand to your client