Not as simple as UK LPA in all jurisdictions
In Spain, for instance, there are two legal documents which perform distinct tasks should a person (the donor) lose mental capacity. Poder Preventivo or Preventative Power of Attorney (PPA) allows a nominated adult to handle the financial affairs of the donor after a pre-determined date or once a doctor has confirmed the donor’s mental incapacity.
Autotutela,or Appointment of Tutor, deals with health and welfare decisions, such as where the person would live and how they would be cared for. However, the appointee would still have to apply to courts to handle real estate and other assets.
Certain jurisdictions will need you to register your UK LPA with a relevant authority to authenticate it and in some countries the test for mental capacity is different to that of the UK.
Without a suitable power of attorney document in place, your family would have to make an application to the Court of Protection (or other jurisdictional power) to make decisions on your behalf once lack of mental capacity has been established. This can be a long, drawn-out process.
So, if you have received expat financial advice from Blacktower why not check with us again to see if you are protected adequately should anything happen to you. We can help you source the right legal advice to ensure all your power of attorney affairs are in order.
If you’ve worked hard to ensure your wealth and assets are secure and optimised towards reaching your financial goals, it is especially important to ensure you are protected.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
Because many UK expats will still have friends and family living back in the UK, it’s common for them to make frequent trips back and forth between their previous home country and their chosen destination, especially during holidays such as Easter and Christmas.
Anyone with Gibraltar wealth management concerns will almost certainly be dipping into the very depths of their patience presently as they await resolution of their status during the protracted and uncertain times of Brexit negotiation.