Lasting power of attorney - Property & financial affairs

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

How Does It Work?

1. Choosing an Attorney: You pick one or more people you trust to be your attorney. This could be a family member, friend, or even a professional like a solicitor. 

2. Setting Up the LPA: You fill out forms and sign them, along with your chosen attorney. A witness and a certificate provider (someone who confirms you understand what you're doing) also need to sign. The forms are then registered with the Office of the Public Guardian (OPG). 

3. When It Can Be Used: Once registered, your attorney can use the LPA whenever you decide. For instance, you might still have capacity but find it convenient for your attorney to handle certain financial tasks. If you lose mental capacity, your attorney can step in to manage your finances completely. 

Paying Bills: Sarah is diagnosed with dementia. She has trouble keeping up with bills and managing her bank accounts. Her daughter, Emma, is her attorney. Emma uses the LPA to ensure all bills are paid on time, manages Sarah's bank accounts, and takes care of other financial tasks. 

Selling Property: John had a stroke and can't handle his finances. His wife, Mary, is his attorney. They decide to sell their second home to cover medical expenses. Mary uses the LPA to handle the sale, ensuring everything is done legally and promptly. 

Investment Decisions: Tom travels a lot for work. He sets up an LPA with his brother, Alex, as his attorney. When Tom is abroad, Alex uses the LPA to manage Tom's investments, ensuring his money is well taken care of even when he’s not around. 

A Lasting Power of Attorney for Property & Financial Affairs is a practical and important tool. It ensures that your financial matters are managed by someone you trust if you become unable to do so yourself. Setting one up can save time, money, and stress for you and your loved ones. At DL Wills LLP, we can discuss with you who is best to be appointed as your attorney, help you fill in the forms that we draft for you and register them on your behalf. Please note the Office of the Public guardian are currently advising a 20 week lead time on registering new Lasting Powers of Attorney.