A lasting power of attorney for property and financial affairs is a legal document that enables you to grant authority to a person who you trust (your Attorney) authority to act on your behalf in relation to your personal property and financial affairs.
A LPA for Property and Financial Affairs covers decisions about the donor’s property and money, giving your attorney authority to allow an attorney to make decisions about financial and property related matters, such as:
Crombie Wilkinson have a team of LPA solicitors who can help guide and advise you through this process. Contact us for more information, or alternatively you can fill out one of our contact forms.
You can give someone a general property and financial lasting power of attorney or for only certain things, for example, to operate a bank account, to buy and sell a house or change investments.
If you want to make an LPA that only deals with certain matters - for example, a power of attorney for selling a house - you should make sure that it is drawn up very carefully so that the attorney is very clear about what authority they have to deal with your affairs. A Lasting Power of Attorney for property and financial affairs can sell property on someone elses behalf.
Obtaining a property and affairs LPA is important because at any time any one of us could become either mentally or physically incapable of looking after our financial affairs. If this were to happen, it could make the everyday management of our financial affairs very difficult. You might imagine that loved ones would be able to deal with all of your finances on your behalf, but this is not usually the case.
A property and financial affairs LPA must be registered before it can be used. However, you don't have to wait until someone loses their mental capacity before using it. A property and financial affairs LPA will come into effect as soon as it is registered which means that your Attorneys can help you with your financial affairs, whilst you still have mental capacity. At this time, they must act on your direction.
Depending on your personal situation, you could decide to make:
You don't have to make both types of LPA at the same time.
For more information about LPA for finances and planning for your future, please do not hesitate to contact a member of our Private client Team.
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