This type of LPA allows your attorneys to make decisions on your behalf related to property and financial matters. They will be able to assist you with, or act on your behalf in, many different areas, such as:
- Managing properties. This includes buying, selling and renting property, dealing with mortgages, arranging any building/repair works, working with estate agents and property management companies, and any other matter relating to property.
- Bank/Building Society accounts and Investments. An attorney will be able to manage any savings accounts or loans directly through your bank or building society. They can also act on your behalf in dealing with any investments you may have made, such as stocks and shares, or business interests.
- Pensions and benefits. An attorney can claim your pension, and also apply on your behalf and deal with any benefits you may be entitled to depending on your circumstances.
- Living expenses, such as paying for bills, along with day-to-day groceries such as food and toiletries.
- The LPA will also allow them to handle the financial aspects of any kind of medical care or equipment you may require or be entitled to. It would not give them the ability to make any decisions about the type of care you receive, however.
You can decide to restrict the decisions attorneys can make to certain areas, or you can give them full authority to act on your behalf in all property & financial matters. You can also decide if you would like the LPA to come into effect immediately upon registration, or to only apply once you have lost the capacity to make these decisions yourself.
Your attorneys will be required to keep appropriate accounts and ensure their own finances are kept entirely separate from yours. They are legally required to act solely in your best interests, and you can request they send you regular details of expenses and updates on how much money you have. Should you lose mental capacity, you can also have these updates sent to a family member or solicitor, to give you an additional layer of protection.
An attorney has to make an appeal to the Court of Protection to make any payments that are outside the scope of what you would usually make. For example, they would be able to make a cash gift on your behalf to a relative or friend for their birthday, or other special occasion. They would not be able to make this payment a much larger amount than you would have usually given however, and would not be able to make similar gifts to people you do not know, or who do not have a reason to receive them.
Similarly, an attorney can decide to buy, sell or rent property on your behalf if they believe it to be in your best interests. These properties must be bought & sold for their standard market rates however, and any rent to be paid/received should be the same as would be expected for any comparable property in the area.
If you have any queries about a Lasting Power of Attorney for Property & Financial Affairs, please do not hesitate to contact our expert team, who would be more than happy to help.
Moving out of the marital home? Your rights uncovered
In this article we help to bust one of the most common family law myths, and provide advice on how to proceed if you wish to move out of the matrimonial home.
What is an LPA?
Kathryn Wheeldon explains what an LPA is, why they are useful and how to make one.
Concern as LPA numbers decline despite launch of online service
Professionals working with the elderly and vulnerable are raising concerns over future safeguarding following a dramatic fall in the number of lasting powers of attorneys registered during the coronavirus pandemic.
Coronavirus vaccine consent and mental capacity
The Coronavirus vaccine is being rolled out quickly and among the first groups of people to receive it are the elderly living in care homes with Dementia. These people may be unable to make the decision for themselves to have the vaccine and give the consent required.
Why both types of LPAs are important
Recent months have been a real challenge for those families with relatives in care homes, particularly where the relative has dementia and time with them is very precious. For some, the restrictions on visiting have simply become unbearable.
Business LPAs- Protecting your most important asset
All businesses protect their buildings and assets with insurance in the event that the worst should happen, but very often, no consideration is given to what would happen to the business if a key decision maker was suddenly not around. Without anyone appointed to take over the running of the business, even if only temporarily through illness, important deadlines and decisions may be delayed or even missed, putting the future of the business at risk.
What is a Lasting Power of Attorney?
You may have heard about an LPA but may not be sure what it does. Our latest blog answers some of your most frequently asked questions.
Deputyship fee refunds scheme
You might be eligible for a refund if you were overcharged deputyship fees by the Office of the Public Guardian (OPG) for England and Wales. Refunds are being offered to those who were charged more than was necessary for certain deputyship fees charged for any period between 1 April 2008 and 31 March 2015.
Get your Power of Attorney set up
You will have seen lots of articles recommending that you plan for death by writing a will, but what happens if you become unable to make decisions for yourself whilst you are alive; either through illness or accident? Who will make decisions on your behalf and how will your finances be run?
Lasting Power of Attorney – The Facts
We all know that we should write a Will, but too few of us know about and recognise the need for something called a Lasting Power of Attorney or LPA.