Michael Roberts FPFS
Lasting Power of Attorney goes virtual
As anyone who has ever tried to use a Lasting Power of Attorney (LPA) will know, it can be a painful process. Invoking an LPA to, perhaps, assist an elderly friend or relative to manage their affairs can lead to a frustrating delay while the security requirements of the financial institutions in question are met. Rightfully so, of course, that banks and other financial services providers take such matters so seriously on behalf of their vulnerable customers, but at times the delay can in itself cause detriment.
Hence, the new "Use a Lasting Power of Attorney Online" service is sure to be welcomed. This new feature allows attorneys and donors the ability to register their LPA online and create an account using an activation key that is issued by the Office of the Public Guardian (OPG) when the LPA is registered. Once the account is created, donors and attorneys will be able to create an access code to give to their bank or other financial institution. Upon receipt, the financial services provider will be able to view a summary of the LPA online. Hopefully this will speed up the process of using an LPA and avoid the current paper process.
Initially, the new service is only available for LPAs registered with the OPG from 17th July 2020. The OPG plans to roll out the service to LPAs registered earlier in 2020 and 2019 although there is no date for this yet. Likewise the OPG is looking at how the process could be extended to LPAs registered earlier than 2019 but there are no plans in place as yet; watch this space.
To register an LPA online, use the link below:
To view an LPA online, use the link below:
If you have not yet put in place an LPA for your own affairs, this is something we strongly recommend you consider doing. You can do so at the link below, or with the help of a solicitor:
As always, if you have any questions or would like to discuss this in more detail, please get in touch.
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