Can I make a Power of Attorney during the COVID-19 outbreak?
During these uncertain times we are living in, arrangements for loved ones are at the forefront of people’s minds.
Lasting Powers of Attorney (LPAs) are important documents which can be used to provide peace of mind that your financial affairs and health and welfare decisions will be actioned if you lose capacity.
An LPA should give attorneys full discretionary powers to manage investments, with the option to delegate decisions to investment managers. You may have an investment manager already, so it’s important to ensure that this arrangement can continue. This is even more important in these turbulent times.
If you lose capacity, your attorney cannot delegate decision-making to third parties unless authorised. Without authority, your attorney must make decisions relating to your finances personally, meaning your attorney cannot open a new discretionary portfolio for you, nor instruct investment managers.
With the current pandemic, everyone should consider the need to prepare a Health and Welfare Lasting Power of Attorney. This will enable loved ones to make decisions about your health care decisions in the future, if you are unable to do so.
Our team can undertake the preparation of your Lasting Power of Attorney and can take instructions over a video link – Zoom, WhatsApp and Skype to name a few. For those without the technology or who have bad internet reception, we are finding more inventive ways such as taking instructions through your ground floor window or through car doors, or even outside in a field at a safe distance apart!
We are continuing to assist clients with Wills, tax planning and dealing with probate matters.