Making a Lasting Power of Attorney
Property & Finance Lasting Power of Attorney
A property and finances Lasting Power of Attorney grants your chosen attorney the authority to make decisions in relation to your property and finances. It can be used for many types of financial matters, from paying bills to making decisions about selling property to pay for your care.
Some people find that, while they do have capacity to deal with decisions around their welfare, they need help when it comes to managing bills or making decisions about their finances. Unlike a health & welfare LPA, a property and affairs LPA can be used while you still have mental capacity. If you wish, you can use the LPA to have someone assist with managing your bank accounts, pensions and benefits, paying your bills and for your care, and more.
It is also possible to state that you only wish the property and affairs LPA to be used once you have lost mental capacity. It is very important to make sure that your LPA states this, as, unless otherwise stated, the attorney can start using the LPA after it is registered, but while you still have capacity. This is just one of many reasons why it is a good idea to use an experienced solicitor to create your LPA.
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