Listing delays raise financial management concerns for vulnerable people – Fund Management/ REITs

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Lasting Powers of Attorney (LPA) are documents by which a person, having the capacity (the donor), can appoint one or more persons of his choice, to be able to take over the decision-making powers if the donor loses his capacity to coming.

To be used, LPAs must be registered with the Office of the Public Guardian (OPG). Processing times for registration to be completed have more than doubled, leaving people to wait longer to be able to support or get help from their designated attorneys.

While OPG advises taking steps to reduce the backlog and reduce delays, and a consultation has just been completed on modernizing the process and requirements for setting up an APL, the current situation means that many many people find themselves in vulnerable and insecure positions, relying on informal arrangements – and in extreme cases, facing expectations without access to their own finances until registration is completed.

While the delays are frustrating and need to be resolved, the advice to people is clear – get your LPA in place and apply for registration as soon as possible – start the process now. Leaving things until they are essential can lead to problems, delays and added (unnecessary) stress for everyone involved. But taking planned action well in advance can save you time, time, and peace of mind.

If you or someone you know would benefit from a conversation about an APL, my colleagues and I would be happy to help.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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