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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.

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It’s a policy that, suffice to say, has become very controversial given recent events. Long-term expats already feel that their fate was taken out of their hands when they were denied a vote in the EU referendum and this year’s General Election, which was an election largely based around Brexit.

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UK Pensions – Act Now!

CoinsHSBC and The Local Government Pension Scheme are the latest Defined Benefit Pension Schemes to cause upset and worry to thousands of soon-to-be retirees.

Firstly, HSBC has come under fire for cutting the pension payouts of its former staff by up to £2,500 a year, affecting 50,000 members who joined the company between 1975 and 1996. This group had opted to pay less national insurance (NI) contributions whilst working by “contracting out” of the former state pension scheme. This meant that HSBC also paid less NI contributions. In exchange for paying a lower rate, the bank agreed to pay staff a guaranteed minimum pension when they came to retire. Payment records were however not properly maintained leading pensioners to be either overpaid or underpaid. Numerous firms, including HSBC, had used this arrangement and when the errors were discovered, some began to cut pension payouts to compensate for the overpayment.  

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