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Putting in place a power of attorney to help protect the finances and future of your vulnerable loved ones is incredibly important. Although it sometimes invites difficult conversations, the benefits of this thorough planning is invaluable.

Lasting Powers of Attorney, Enduring Powers of Attorney and Business Powers of Attorney

In this section we explain everything you need to know about lasting powers of attorney and enduring powers of attorney.

Lasting Powers of Attorney

There are two types of lasting powers of attorney, one relating to finances and one relating to health.

We advise clients to put these documents in place for peace of mind with the hope that they will not need to be used in the future. They are a safeguard if you lose the mental capacity to manage your financial affairs or make healthcare decisions so that your trusted attorneys can do so on your behalf.

Enduring Powers of Attorney

Enduring powers of attorney are still in use although you can no longer create or amend an existing one. If you have an enduring power of attorney this will only relate to your finances. Your appointed attorneys will not be able to make health care decisions. If you wish to change an enduring power of attorney you will need to create a lasting power of attorney instead.

If you know someone who has an enduring power of attorney and they are beginning to lose capacity, the appointed attorneys have a duty to register the document with the Office of the Public Guardian at that point.

Business Powers of Attorney

Succession planning in business is a strategy for passing on senior leadership roles (or ownership of the business) to a family member, an employee or management group within the business. The main aim in any succession planning is to ensure continuity of service to your customers or clients and to have a clear path forward for investors and other stakeholders. A Business Power of Attorney will allow you to identify which of your senior management team you would like to nominate to take the helm and make relevant business decisions if you find you are incapacitated for any reason. Our team will be able to help you through the planning stage and advise on implementation and communication of your decisions.

How we’ve helped our clients

“Thank you very much for your efforts on our behalf in finalising the Wills and LPA’s so quickly. We really appreciate the way you must have worked very hard to get all this finalised before we went away.”

Jean and John

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Elizabeth Power
Partner – Head of Wills, Trusts & Estates, Southampton

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