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Lasting Powers of Attorney

We are often asked if a joint bank account is a cheaper alternative to a Lasting Power of Attorney, the table below demonstrates comparisons between Lasting Powers of Attorney and joint bank accounts.

  Lasting Power of Attorney Joint Bank Account
All financial arrangements can be looked after Yes No
The attorney must act in your best interests and follow a code of practice Yes No
The attorney must make decisions as if they were you Yes No
The attorney cannot personally benefit Yes No
The attorney has duties of good faith and confidentiality Yes No
The attorney must keep your monies separate from their own Yes No
The attorney must keep your monies separate from their own Yes No
You can restrict the attorney’s capacity to act Yes No
Will end on death Yes No
Easy to set up Yes Yes
Can have tax consequences No Yes

We can help you draw up a Lasting Power of Attorney which reflects your wishes and protects your interests. We can arrange a home or hospital visit if you are unable to attend any of our offices due to ill health.