New arrangements for establishing a power of attorney may involve an increased amount of bureaucracy but are generally "a good idea", an independent financial adviser (IFA) said today.
Bernard Hunte from IFA Bates Investment Services said that the new lasting power of attorney (LPA) is taking longer to set up than its predecessor – the enduring power of attorney (EPA) – did.
The process also involves a greater amount of paperwork due to the fact that the power is "split into two parts" – financial and welfare, he said.
He added that despite the increased amount of red tape, an LPA is intended to protect an individual if and when they start to lose their mental faculties.
Mr Hunte added that an IFA should not claim to be an expert on the technicalities of how LPAs are set up and as such it may be advisable for consumers to seek legal advice when constructing one.
The Mental Capacity Act became fully implemented on October 1st and replaces the EPA with the LPA.