LPA preferences or not

Trusts Discussion
1

Hello all

I’d be really interested to hear how many of you regularly include preferences in LPAs.

I was surprised that 90% of LPAs don’t include preference though I suspect a lot of DIY LPAs are included in that percentage.

Do you include them regularly? And if so, in both types of LPA?

Many thanks
Deborah

2

I don’t think I’ve ever included preferences, but I do still use the discretionary managed wording in the instructions for clients who have managed funds. The way I explain it to clients is that although the OPG have recently started saying you don’t need that wording, it makes sense to include it as belt and braces in case the guidance changes back in the future.

1 Like
3

Thanks Eddie, my concern is that clients will complain because they can’t use the digital service because there are preferences/instructions in the LPA.

1 Like
4

I always go through preferences for both types of LPA. Some useful precedents in Cretney and Lush.

regards
Richard

5

I have on occassion included preferences such as if any of my painting have to be sold to help pay my bills I would prefer x to be sold first and for y to only be sold as a last resort. That way, the attorneys have flexibility but the donor also has an element of control too. Preferences have to be exactly that, otherwise the OPG can reject it as an instruction etc and instructions can be rather rigid.

1 Like