What is a Property & Financial Affairs LPA?
A Financial Affairs Lasting Power of Attorney is a legal document that enables you to appoint an attorney to make certain decisions for you should you lose the mental capacity to make decisions for yourself. Any decisions made under this Lasting Power of Attorney will be decisions relating to your Property & Financial Affairs.
Your attorneys are only able to make decisions on your Property & Financial Affairs and should you want them to make decisions about your Health & Welfare you will also need to apply for the Financial Health & Welfare Lasting Power of Attorney
Your attorneys will only be able to make decisions if you have lost the mental capacity to make decisions and if you are unlikely to be able to make a recovery.
Within a Property & Financial Affairs Lasting Power of Attorney you are able to authorise your Attorneys to make certain decisions about your Property & Financial Affairs before you lose Mental Capacity.
Under the Property & Financial Affairs Lasting Power of Attorney you are able to give your chosen attorney(s) power to make decisions about:
- Making payments for Household bills and care arrangements.
- To claim and receive your Pension or State Benefits.
- To be able to apply for or cashing in any investments you might hold.
- To make a decision on either buying or selling your home.
- Opening and closing of any bank or building society accounts.
- Transferring of money in to or out of their bank or building society accounts.
Your Lasting Power of Attorney cannot be used until it has been registered with the Office of Public Guardian. The time taken to register a Lasting Power of Attorney can be up to 10 weeks and this will be subject to a fee payable to the Office of the Public Guardian on application.