New Digital Lasting Power of Attorney tool introduced
Allan Ross, SOLLA Accredited, independent financial adviser Ware, Hertfordshire
Allan Ross, IFA Ware - Digital lasting power of attorney tool introduced
Wednesday 16 September, 2020
In this article SOLLA accredited Allan Ross reviews the new digital LPA tool introduced by the Office of Public Guardian. Allan also reviews why Lonsdale independent financial advisers always recommend our clients set up wills and Lasting Power of Attorney (LPA).
Have you set up an LPA?
If you haven’t set up an LPA and require more information contact your local Lonsdale Wealth Management office, complete our booking consultation or call us on 01727 845500.
What is the new Lasting Power of Attorney tool?
The Office of the Public Guardian (OPG) has recently launched a ‘use a lasting power of attorney’ tool which will allow attorneys to contact financial and healthcare providers so they can make decisions on property if they are acting as someone’s attorney.
The tool will protect the elderly and vulnerable as it makes checks to confirm the identity of anyone wanting to act as an attorney.
What is a Lasting Power of Attorney?
Appointing a Lasting Power of Attorney allows someone to act as your legal representative or your ‘attorney’ if you can’t make decisions for yourself at any point about your welfare, money or property. Setting up an LPA does not instantly give power to the person you name as your attorney this only happens were you unable to make the decisions for yourself.
LPAs becoming more common with over four million registered (source: Office of Public Guardian)
In the last few years LPAs have become more common and now more than four million have been registered. For more information on why you should set up an LPA read my recent article – Why set up a Lasting Power of Attorney?
How will the new digital LPA tool help your attorney?
Nick Goodwin, public guardian for England and Wales, said: “More people are taking the important step to plan for the future and apply for a Lasting Power of Attorney, and we want to make sure those they entrust with making vital decisions on their behalf receive the very best possible support. Our new digital service will ensure attorneys can make effective and efficient decisions when managing their loved ones’ affairs – without the delays a paper-based services can cause. But this is just one part of our ambitious transformation programme and we are constantly looking at how we can improve as an organisation to benefit the public and our partners.”
Allan Ross, Lonsdale independent financial adviser with SOLLA accreditation in Ware, Hertfordshire said:
‘The new system called the ‘Use a lasting power of attorney’ will make a real difference to anyone having to deal with this difficult issue. Before this digital system was introduced on the 17th July 2020 it was a paper-based process so it could take many weeks for documents to be requested, accessed and confirmed between individuals and organisations. Now attorneys will receive a secure code that they can submit to the online portal and this will confirm their attorney status. Given the current Covid pandemic it is really helpful to have this new digital system. If you are an attorney or you have set up your own LPA, we recommend that you access the system at www.gov.uk/opg. If you haven’t yet set up an LPA but think that you might need one or have any questions about the new digital system, please contact your local Lonsdale Wealth Management financial adviser for financial planning advice. If you are not a Lonsdale client our independent financial advisers offer an initial financial consultation to discuss your financial planning requirements.’
The Financial Conduct Authority does not regulate will-writing.
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