An ageing global population highlights issues with powers of attorney—The Times
Suzanne Mynors has contributed an article to The Times in which she argues the need for an internationally recognised Lasting Power of Attorney (LPA) to help address the challenges inherent in cross-border capacity cases.
She explains that an English LPA might not be recognised as a valid document in another jurisdiction, leaving potentially vulnerable adults to take advice in the jurisdiction where the assets are sited, which can be costly and time-consuming.
She adds that the government’s recent reform of non-dom tax rules has caused many to re-consider where to live, further accelerating the need for international protection of older adults.
The lack of recognition and inconsistency between jurisdictions requires urgent attention as population trends indicate that the older generation is growing at an alarming rate globally. The Society of Trust and Estate Practitioners has developed a global representative power in an attempt to "bring uniformity, coherence and simplicity" to the protection of incapable adults and their assets, wherever situated.
This must trigger international discussion to address this issue as it provides a template for the development of legislation and the review of existing legislation to safeguard vulnerable adults across all borders.
The full article is available to read at The Times, by subscription only.
Suzanne Mynors is a partner in the private client team. She has almost 25 years’ experience specialising in wills and succession planning, probate and estate administration, trusts and trust taxation, inheritance tax planning, powers of attorney and mental capacity work.
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