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Lasting Power of Attorney for Expat Investors

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.

Other News

Could the Dutch tax break for expats be changing?

Amsterdam CanalAs an expat the way you pay tax and how your regular savings may grow could be very different to how it is at home in the UK, which is why all expats need to be fully aware of the financial systems of their chosen country of residence.

For instance, if you have moved to the Netherlands for work, or you’re considering a move in the near future, changes to a beneficial tax break could be on the horizon meaning your entitlement to tax-free income is cut.

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Comparison website ‘misleading’ savers into buying low rates

A leading comparison website’s customers were directed to savings accounts that could leave them £500 worse off than the best possible rates, according to an investigation.

Savers who compared ISA’s and bonds on the site were not offered the best rates on the market. Thousands of savers who used the website to select a savings account were misled, costing them potentially up to £500 a year in lost interest, according to a recent investigation. Channel Four’s Dispatches said that the comparison website advertised poor-value savings. 

Read More

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