Property and Financial Lasting Powers of Attorney
The primary reason for having Property and Financial LPAs is to enable a trusted friend or family member to deal with your affairs if you lose mental capacity.
By setting up a Property and Financial LPA your Attorney(s) will be able to make the best decisions on your behalf and ensure that your wishes are taken into account.
- pay your bills
- go to the bank on your behalf
- talk to companies over the phone
- sell a property on your behalf
- If one of you loses capacity, the other cannot sell the joint property to release capital
- A conflict of interest issue can arise if you are not authorised to act on behalf of your partner
- Joint bank accounts can be frozen in the event of the mental incapacity of your partner
- The Court of Protection can take over in some instances which causes added complications
- A Property and Financial LPA is not just for loss in mental capacity. What is often overlooked is that sometimes an individual’s mind may be absolutely fine, but they still can’t handle their own affairs.
- If you are house-bound, it may not be possible to go to the bank
- If you are hard of hearing, it may not be possible to speak with companies on the phone
- If you have severe arthritis it may prevent you from being able to sign your name
Speak to us today about setting up your Property and Financial LPA for your peace of mind.