29th October 2014
Gary Killmister, Principal at CI Accountancy has been invited to help draft new guidance notes for the Office of the Public Guardian (OPG). The guidance will provide advice and support to individuals who have been appointed as an attorney or deputy to look after the trust or estate of an individual who is not able to do so themselves.
The OPG protects people in England and Wales who may not have the mental capacity to make certain decisions for themselves, for example about their health or finance. It supports the Public Guardian in the registration of Enduring Powers of Attorney (EPA) and Lasting Powers of Attorney (LPA), and the supervision of deputies appointed by the Court of Protection. It also helps attorneys and deputies to carry out their duties.
It was decided that new guidance was needed after the number of recent cases where deputies or attorneys have been sued by other family members because, due to their inexperience, they appointed financial advisors who were not properly qualified and who subsequently failed in their duties, often with detrimental effects on family finances.
Unfortunately, in such cases responsibility for the estate rests with the attorney or deputy and not with the financial advisor, therefore, any guidance in this area will prove extremely useful to the lay person.
Gary is acting in his capacity as a member of the Society of Trust & Estate Practitioners (STEP), a professional body of approximately 55,000 members worldwide. The guidance is in the early stages of drafting. Gary is always available to assist MGI member firms with trust issues on a consulting or white label basis.