The Strategic Advantage: Why Appointing a Professional Attorney for Property and Financial Affairs Makes Sense

By Tracy Rowden, Partner at Mayo Wynne Baxter.

In today’s increasingly complex legal and financial landscape, individuals are turning to Lasting Powers of Attorney (LPAs) to safeguard their interests and ensure their affairs are managed effectively should they become unable to do so themselves. As the head of a specialist Attorney Affairs team, I have witnessed first-hand the transformative difference a professional can make when appointed as an attorney under an LPA for Property and Financial Affairs. This article explores the strategic benefits of this choice and why it is often the best option for peace of mind, continuity, and protection.

A Lasting Power of Attorney is a legal document that allows an individual (the ‘donor’) to appoint one or more trusted persons (the ‘attorneys’) to manage their financial matters if they lose capacity in the future, or simply don’t want to deal with these anymore.  This can range from handling day-to-day banking to managing investments, paying bills, or even selling property. The scope of these responsibilities underlines the importance of choosing an attorney with the right expertise, integrity, and commitment.

Why Not Just Appoint a Family Member?

It is common for donors to consider close relatives or friends as attorneys, assuming they will act in their best interests. While many do, the reality is that managing someone else’s finances is a significant responsibility, and even well-meaning loved ones can become overwhelmed, make mistakes, or inadvertently create family conflict.  The emotional burden can be immense, especially during periods of illness or crisis.  Moreover, not all family members have the time, financial acumen, or impartiality required for the role.

The Unique Value of a Professional Attorney

Appointing a professional attorney brings a host of advantages that go beyond simple administration, such as:

1. Expertise and Compliance: Lawyers are legally trained professionals who understand the intricate regulations and duties that govern LPAs. They ensure all actions are compliant with the law, reducing the risk of errors, mismanagement, or legal disputes. Their knowledge is especially invaluable when dealing with complex estates, investments, or business interests.

2. Impartiality and Professionalism: As neutral third parties, Lawyers act solely in the donor’s best interests, free from family dynamics or personal gain. This impartiality is vital for making reasoned decisions, especially when difficult choices are necessary. It also helps to defuse potential disputes between family members.

3. Continuity and Reliability: At Mayo Wynne Baxter our professional attorneys are appointed via a Trust Corp, providing continuity of service even if an individual lawyer retires or is unavailable. This ensures your affairs are always managed without interruption. Established teams, like ours, have robust systems and support staff to handle responsibilities efficiently and securely.

4. Safeguarding Against Abuse: Sadly, financial abuse of vulnerable individuals is a growing concern. Lawyers are subject to strict codes of conduct and regulatory oversight, offering a high level of protection. Appointing a lawyer as an attorney can act as a strong deterrent to fraud or undue influence. 

5. Efficient Problem Solving: Life is unpredictable, and unforeseen issues often arise—be it unexpected tax implications, disputes with third parties, or managing overseas assets. Experienced and specialist lawyers are adept at identifying and resolving such problems quickly and effectively, minimising stress for the donor and their family.

6. Transparent Record-Keeping: Professional attorneys maintain meticulous records of all transactions and decisions, which can be crucial if there is ever a need to account for their actions to the Office of the Public Guardian or the courts. This level of transparency further reassures donors and their loved ones.

Some donors hesitate to appoint a solicitor due to concerns about fees. While there are costs associated with professional administration, these are often outweighed by the benefits of effective management and the prevention of costly mistakes or disputes.  Many firms offer clear, competitive fee structures, and the peace of mind provided is, in many cases, invaluable.

Additionally, donors may be concerned that they will not be able to have any kind of a relationship with a professional attorney like they would with a friend of relative, or that a professional will not take into account their feelings and wishes. However, professional attorneys and their teams often develop close, trusting relationships with their donors.  Our specialist Attorney Affairs Team takes the time to understand each individual’s unique values, priorities and beliefs, ensuring that decisions reflect the donor’s wishes as well as their best interests. Together with their carers, we are often the closest personal relationship our clients have.  This personal connection fosters open communication and reassurance, allowing donors and their families to feel truly supported throughout their journey.

Appointing a professional attorney under a Lasting Power of Attorney for Property and Financial Affairs is a proactive step toward ensuring your interests are protected, your assets managed wisely, and your loved ones spared unnecessary stress. As lawyers dedicated to this field, our role is not just administrative—it is a commitment to act as your advocate, safeguard your legacy, and provide reassurance for you and your family when it matters most.

In a world of fast-paced changes and uncertainty, choosing a qualified, experienced solicitor as your attorney is one of the most prudent investments you can make for your future security and peace of mind.

Tracy Rowden

Head of Attorney Affairs

Mayo Wynne Baxter

trowden@mayowynnebaxter.co.uk