A power of attorney is an important part of pretty much everybody's financial planning, or it

should be, but it's especially the case for elderly parents and elderly relatives and yet it's

not an easy conversation to have.

Yeah, you can imagine it, can't you?

Hey, mama dad, sign this piece of paper and hand over all control of your money and your life to me.

Of course, it's not like that at all, but the perception may be there in your parents' mind that it is.

So we need to dispel some myths and then if you're having

difficulty explaining how it all works you can just show them this video. So let's put

five minutes on the clock to the left here in the fancy new thermometer

style.

Say a quick thank you to my friends

at 7 Investment Management for continuing to sponsor the show

and let's crack on.

Okay, for the rest of this video,

I'm going to be talking as if I'm speaking

to the person thinking about taking out the power attorney.

Okay, it's just easier that way.

Now the first thing to know is that these days they are called lasting powers of attorney or

LPA's. They used to be called enduring powers of attorney or LPA's. They used to be called Enduring Powers of Attorney and

then there was actually something called an ordinary power of attorney usually

just called Power of Attorney. So these things might sound the same but

they're not. So lasting power of attorney is

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