The most common misconception around lasting power of attorney is that it is relevant only for those in later life.
Leaving aside the equally problematic subject of what ‘later life’ even means nowadays, comments such as ‘I don’t need an LPA at my age’ and ‘There is no risk of my getting dementia yet’ (sadly untrue) can make this a thorny area to broach with clients.
In my opinion, LPAs should be in place for everyone, regardless of age or current health. While important for everyone to have, there are a few areas where this type of planning is key, such as clients going in to drawdown, completing a defined benefit pension transfer, looking at equity release or those with discretionary managed funds.
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