 can be complicated, and is riddled with things that can trip you up. From submitting shortened names to using too much Tippex, even small errors could drag out the process – which already takes around 20 weeks – or mean your attorney gets rejected by banks when it's too late for you to make any changes to the LPA. In fact, new Freedom of Information data from the Office of the Public Guardian (OPG), obtained by Quilter, the wealth manager, reveals that since 2018 nearly 130,000 LPA applications have been rejected due to mistakes. Here, Telegraph Money sets out why you might want to set up an LPA, and how to avoid the most common errors. Despite planning for the future being so important, worrying new findings from Schroders Personal Wealth reveal 71pc of older people (aged 60-plus), do not have an LPA. Katie Nutting, financial planning director at Schroders Personal Wealth, said: 'Anyone could find themselves in a position where they are unable to make decisions about their financial affairs.' There's no way of knowing when you might lose capacity, perhaps due to a stroke, mental illness, or because of an accident – so it's not just relevant for the older generation. Shona Lowe, financial planning expert at Abrdn, said: 'Setting up your power of attorney should feel like taking control, not giving it up. It isn't something you should put off doing.' There are two types of LPA: one is for property and financial affairs, and the other is for health and wealth. As for the so-called 'donor', you can choose anyone you want to be your attorney, such as your spouse, partner, relative or friend. You can nominate different attorneys for each type, or the same for both. It's a common misconception that partners will automatically be given the right to make decisions. The reality is, that if you don't arrange an attorney, a court may a){kind=link}
Telegraph Money explains how to navigate the pitfalls of setting up an LPA
Appointing someone you trust to manage your affairs should provide peace of mind – but the process to set up a lasting power of attorney (LPA) can be complicated, and is riddled with things that can trip you up.
From submitting shortened names to using too much Tippex, even small errors could drag out the process – which already takes around 20 weeks – or mean your attorney gets rejected by banks when it’s too late for you to make any changes to the LPA.
In fact, new Freedom of Information data from the Office of the Public Guardian (OPG), obtained by Quilter, the wealth manager, reveals that since 2018 nearly 130,000 LPA applications have been rejected due to mistakes.
Here, Telegraph Money sets out why you might want to set up an LPA, and how to avoid the most common errors.