Lasting power of attorney - Property & financial affairs

A Lasting Power of Attorney (LPA) for Property & Financial Affairs is a crucial legal document that allows someone you trust, known as your "attorney," to manage your financial affairs if you become unable to do so yourself due to illness, an accident, or the effects of old age.  

How Does It Work?  

1. Choosing an Attorney: You select one or more individuals you can trust to serve as your property management attorney. This can be a family member, friend, or even a professional like a solicitor.  

2. Setting Up the LPA: You complete the necessary forms and sign them, along with your chosen attorney. A witness and a certificate provider—someone who verifies your understanding of the document—also need to sign. These forms must then be registered with the Office of the Public Guardian (OPG).  

3. When It Can Be Used: After registration, your attorney can use the financial affairs LPA at any time you choose. For example, you may still have the mental capacity to make decisions, but prefer your attorney to handle certain financial tasks. If you lose mental capacity, your attorney can take over the management of your finances entirely.  

Paying Bills: Sarah has been diagnosed with dementia, which makes it difficult for her to manage her bills and bank accounts. Her daughter, Emma, acts as her attorney. Emma utilizes the LPA to ensure that all bills are paid on time, oversees Sarah's bank accounts, and manages other financial matters.  

Selling Property: After John suffers a stroke, he is unable to handle his finances. His wife, Mary, serves as his property management attorney. They decide to sell their second home to cover medical expenses, and Mary uses the LPA to facilitate the sale, ensuring everything is conducted legally and efficiently.  

Investment Decisions: Tom frequently travels for work and establishes an LPA with his brother, Alex, as his attorney. When Tom is abroad, Alex uses the financial affairs LPA to manage Tom's investments, making sure his money is well cared for even in Tom's absence.  

Creating a Lasting Power of Attorney for Property & Financial Affairs is a vital step. It guarantees that your financial matters are looked after by someone you trust if you are unable to manage them yourself. Setting one up can alleviate time, cost, and stress for both you and your loved ones. At DL Wills LLP, we can guide you in choosing the best person to appoint as your attorney, assist you in filling out the required forms that we draft, and handle the registration process on your behalf. Please note that the Office of the Public Guardian is currently advising a 20-week lead time for the registration of new Lasting Powers of Attorney.