What are the negatives of having a Lasting Power of Attorney?

An LPA is a powerful document that, in the wrong hands, can be abused. Our advice includes discussing your wishes to ensure that the person(s) you are appointing are the best people to take on that responsibility.

In addition, many cases of Attorneys abusing their powers have occurred as a result of the Attorney unknowingly exceeding their authority (such as gifting away large amounts of your assets where Court approval should first have been sought). As part of our legal advice we work with you to ensure your LPA has appropriate safeguards or restrictions in place, to make such abuse of position less likely.

You need to be able to trust that the person(s) you are appointing as your Attorney(s) will make decisions in your best interests. Your attorney(s) must also be able to work well together.

This can often mean appointing one of your adult children and not the other, if to appoint both would cause friction, prolonged decision-making, or create a risk to your finances.