Property & Financial Affairs
A Property and Affairs LPA allows you to appoint somebody who you trust to make decisions about how to spend your money, and manage your property and affairs. This can become a very useful document as, owing to data protection legislation, it is very difficult for any person to assist you to manage your affairs without a LPA or similar document. However, as the people you are choosing are likely to have complete power to deal with all aspects of your property and affairs (although this doesnít have to be the case), the identity of your Attorney(s) is a very important question as you should trust them implicitly to always act in your best interests and manage your affairs appropriately.
When would I need a Property & Financial LPA?
As said we believe that everybody needs a power of attorney . It isnít something that is unusual or is only needed in difficult circumstances. It is, in our opinion, an insurance policy that ensures that in the event of the unexpected you are protected and the difficult possible circumstances will not happen.
What decisions would my Attorney be able to make for me?
Your Attorney could make decisions about your property such as buying and selling houses, but also have the ability to act on your behalf with your finances.
It will allow your Attorney to pay your bills, pay your tax, manage your debts, apply for benefits, manage your bank, building society and other accounts, manage your investments and sell or purchase property on your behalf
What happens if I do not have a Property & Financial Affairs LPA?
It is a misconception that an LPA is something only the elderly should consider. Mental illness can strike at any age as can other incapacitating events. Having an LPA in place is a small price to pay for peace of mind that your financial affairs will be in order should you be unable to manage them yourself.
Should you not have a LPA in place, your spouse/children are not automatically able to look after your affairs.
Should you lose capacity to act on your own behalf, the only option available to friends and relatives who need to carry out any financial affairs on your behalf is to apply to the Court of Protection for an Order appointing someone (not necessarily of your choosing) to manage your affairs. Whilst this alone is not desirable, it could take up to 12 months for this process to complete and also cost in the region of £2,500, together with ongoing fees each year likely to be in excess of £600 per year.
Having a Lasting Power of Attorney does not mean you are giving up control Ė a Lasting Power of Attorney enables you to decide who should make decisions for you if you cannot.
We offer a professionally completed and registered Lasting Power of Attorney offering you the peace of mind that the right plans are in place for the future.
Contact a member of our Private Client Team for further information