This episode of the Your Recipe for Financial Success podcast was published on 8th July 2021. You can listen again by heading to our Episodes page, or on your favourite podcast player.

In this episode, Emma and Becky are sharing with you what you need to know about Lasting Powers of Attorney.

Episode Highlights

Here is everything you need to know about Lasting Powers of Attorneys, at a glance:

• There are two types of Lasting Power of Attorney; one for Health and Welfare and the other for Property and Financial Affairs
• An LPA has to be registered with the Office of the Public Guardian before using
• Once registered, the Property and Financial Affairs LPA can be used whilst the person making the power of attorney still has capacity, whereas the Health and Welfare LPA can only be used once mental capacity is lost
• An attorney can be anyone, it’s usually close family or friends. You just need to make sure you trust them to have your best interests at heart
• Your attorneys can either act together (jointly) or together and separately (known as jointly and severally)
• You can appoint an ‘initial’ attorney and ‘reserve’ attorneys who would only act if the initial attorneys were unable/unwilling to act for you.

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