Lasting Power of Attorney: A Complete Guide for HNW Individuals and Expatriates

No one expects to lose mental capacity suddenly. Yet strokes, accidents, and degenerative conditions do not announce themselves in advance. Without a registered Lasting Power of Attorney (LPA), the financial affairs of an incapacitated individual — regardless of their wealth — become frozen pending a lengthy and expensive application to the Court of Protection. For internationally mobile high-net-worth individuals with complex asset structures, the consequences can be severe: mortgages unreviewable, investment accounts inaccessible, business decisions paralysed.

This guide explains what an LPA is, how it works, how to register one, and the particular complications that arise for those with assets in multiple jurisdictions.

What Is a Lasting Power of Attorney?

An LPA is a legal document under the Mental Capacity Act 2005 that authorises one or more named individuals (attorneys) to make decisions on behalf of the donor (the person creating the LPA) when the donor lacks mental capacity, or — in the case of the Property and Financial Affairs LPA — from the moment of registration if the donor chooses.

There are two types:

1. Property and Financial Affairs LPA

This covers all decisions relating to money and assets: managing bank accounts, paying bills, making investment decisions, buying or selling property, collecting income, and handling tax affairs. It can be used while the donor still has capacity (with the donor's permission) or restricted to use only when capacity is lost.

2. Health and Welfare LPA

This covers personal decisions: medical treatment, care home placement, day-to-day personal care, and — if explicitly granted — decisions about life-sustaining treatment. It can only be used when the donor lacks capacity; it has no effect while the donor can still make their own health decisions.

For most financial planning purposes, the Property and Financial Affairs LPA is the document of primary concern. Both should be created simultaneously — they are separate documents requiring separate registration.

The Registration Process

An LPA is made using forms available from the Office of the Public Guardian (OPG). The process involves:

1. Creating the document — the LPA form identifies the donor, one or more attorneys, any replacement attorneys, any instructions or preferences, and a certificate provider (an independent person confirming the donor understands the document and is not under pressure).

2. Signing — the donor, certificate provider, and attorneys must all sign in a specific order. Any deviation from the prescribed sequence invalidates the document.

3. Registration — the completed form is submitted to the OPG along with the registration fee. As at June 2026, the registration fee is £92 per LPA (increased from £82 on 17 November 2025). Those on a low income or certain means-tested benefits may apply for a fee reduction or exemption.

4. Registration period — the OPG has experienced significant backlogs in recent years. Processing times have ranged from 8 to 20 weeks. A digitally submitted application via the OPG portal typically moves faster than a paper submission, but the OPG cannot guarantee timescales. Critically, the LPA cannot be used until it is registered — it has no legal effect while awaiting registration.

This last point deserves emphasis. An unregistered LPA is merely a piece of paper. If capacity is lost during the registration window — which has happened — attorneys may find themselves unable to act. Creating and registering an LPA well in advance, rather than waiting until health concerns arise, is strongly advisable.

Registered vs Active: An Important Distinction

Registration with the OPG makes the LPA legally valid. Whether it can be immediately used is a separate question.

The donor can specify in the LPA that attorneys may use it as soon as it is registered — even while the donor still has capacity and is making their own decisions. Alternatively, the donor can restrict its use to circumstances where capacity has been lost.

The practical implication: a registered LPA with immediate effect allows attorneys to act alongside the donor rather than waiting for a capacity assessment. This is often more useful in practice — the donor may prefer to have an attorney assist with financial affairs for health or convenience reasons without necessarily lacking mental capacity.

A registered LPA that is restricted to use after capacity is lost requires a medical opinion confirming incapacity before most institutions will accept it.

How Financial Institutions Handle LPAs

Banks and investment platforms differ in their procedures for accepting LPAs. Most UK-regulated institutions now accept access to the OPG's digital register to verify the LPA online — they do not require an original document. However, some institutions (particularly older building societies and certain private banks) still require either the original registered LPA or a certified copy made by a solicitor.

It is worth notifying your key financial institutions of the LPA's existence once registered, and checking what each requires for the attorney to act. For complex portfolios with multiple custodians, brokers, and pension providers, this administrative process can take weeks. Doing it before capacity is actually lost saves considerable difficulty.

Overseas Assets: A Critical Gap

UK LPAs have no automatic legal effect outside England and Wales. Scotland operates under its own regime (Continuing Power of Attorney under the Adults with Incapacity (Scotland) Act 2000). Northern Ireland has separate legislation. But the more significant issue arises for internationally mobile individuals with assets in multiple countries.

A registered UK LPA grants no authority over:

• A Spanish bank account
• A UAE property
• A Cypriot investment portfolio
• A Thai company shareholding
• A Swiss private bank account

Each jurisdiction has its own requirements for attorney instruments. In some countries, a local "power of attorney" registered with a notary must be created. In others, local courts require a separate guardianship or administration order. In some jurisdictions, particularly those following civil law traditions, the concept of a continuing power of attorney does not exist — what is recognised instead is a notarised mandate that typically terminates automatically on incapacity (the opposite of what is needed).

The practical consequence: for HNW individuals with significant overseas assets, a UK LPA alone is insufficient. Bespoke legal instruments should be created in each jurisdiction where significant assets are held. Local legal advice in each country is essential — the requirements vary enormously.

What Happens Without an LPA: The Court of Protection

If an individual loses capacity without a valid, registered LPA in place, anyone wishing to manage their financial affairs — including a spouse or adult child — must apply to the Court of Protection to be appointed as a deputy.

The deputy application process:

• Requires form completion (COP1, COP3, COP4 at minimum), medical evidence of incapacity, and usually a solicitor.
• Takes a minimum of 4-6 months; contested applications can take years.
• Costs significantly more than creating an LPA — court fees alone are several hundred pounds, and legal fees on contested matters can reach five figures.
• Results in ongoing supervision by the OPG — deputies must submit annual accounts and are subject to a supervision fee.
• Grants more limited authority than an attorney — deputies cannot typically make gifts from the incapacitated person's estate without further court approval.

The burden falls on the individual's family at what is already a distressing time. For internationally mobile individuals whose family members may be in different countries, the process is even more challenging.

Digital Assets and LPA Scope

As digital assets — cryptocurrency holdings, online investment accounts, digital wallets — have become more common within HNW portfolios, their treatment under LPA has become practically important.

The Property and Financial Affairs LPA is broad enough in principle to cover digital assets. However, attorneys face a practical problem: many digital asset platforms operate under terms of service that do not recognise LPAs, and accessing cryptocurrency wallets controlled by private keys held only by the donor may be technically impossible without advance planning.

The solution is not strictly an LPA matter but an estate and capacity planning one: ensuring that the digital assets are either held on custodied platforms that will respond to an LPA, or that private key information is accessible to attorneys in a documented and secure way. This should be reviewed alongside the LPA itself.

Reviewing and Updating Your LPA

An LPA can be revoked by the donor at any time while they retain capacity, by completing a deed of revocation and notifying the OPG. Attorneys can also be removed or replaced.

Life events that typically trigger an LPA review include: divorce (an ex-spouse named as attorney does not automatically lose authority — the LPA must be actively updated), the death of a named attorney (replacement attorneys automatically step up if nominated), significant change in the donor's asset structure (particularly relevant when acquiring substantial overseas assets), or a fundamental change of relationship with the named attorney.

Costs and Practical Steps

Creating an LPA using a solicitor typically costs £300-£800 per LPA, plus the £92 OPG registration fee. Using the OPG's online service costs only the registration fee, but errors in the process are common without legal guidance and any error requires resubmission and re-registration.

For HNW individuals with complex estate structures, solicitor involvement is advisable — particularly where there are restrictions on attorney powers, multiple attorneys (joint vs joint and several authority), or overseas assets requiring coordinated cross-border arrangements.

The minimum action is: create both an LPA (Property and Financial Affairs, and Health and Welfare), register them immediately, and ensure the relevant financial institutions have the document on file. Do not delay.

As with all legal planning, the right structure depends on individual circumstances, asset locations, family dynamics, and jurisdiction. This article reflects the legal position in England and Wales as at June 2026 and does not constitute legal advice.

How Global Investments Can Help

Global Investments advises high-net-worth and internationally mobile clients on the full spectrum of financial and estate planning, including the coordination of LPA and capacity planning with legal advisers across multiple jurisdictions. We can help ensure that your financial affairs remain manageable and protected regardless of what the future holds. Contact us to discuss your situation.