Life insurance Updated:
The rules surrounding Power of Attorney have been changed as of October 1st, which has wider concerns when it comes to Inheritance Tax (IHT). Prior to the date, it was the Enduring Power of Attorney (EPA) which enabled relatives or trusted friends to take charge of your financial affairs should you no longer be able to. Under the Mental Capacity Act, this has now been changed to the Lasting Power of Attorney (LPA).
What is the new LPA?
The LPA is more complex and more expensive than the EPA, but offers donors greater protection.
There are two types of LPA:
You choose who you want to manage your finances should you not be able to.
Your chosen attorney will choose a care home and consent or refuse medical treatment.
The LPA and Inheritance Tax
The LPA has wider concerns for Inheritance Tax (IHT
What to do next:
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.