An article in the FT Adviser yesterday provided an interesting commentary on why investors should consider putting in place a Lasting Power of Attorney as part of the financial planning process.

If a person is no longer mentally capable of managing their affairs and does not have a LPA already in place, then those wishing to assist the incapacitated person, have to obtain a Deputyship Order through the Court of Protection in order to be able to assist with the management of property and financial decisions. Unfortunately, the Order can take many months to be granted by the Court, during which time the prospective Deputies only have a limited power to deal with that persons financial affairs.

Had an LPA been put in place and registered with the Office of the Public Guardian, the attorney's appointed within that power would be able to start attending to the management of the donor's affairs immediately.