Lasting Power of Attorney: Property and Financial Affairs

A property and financial affairs Lasting Power of Attorney (LPA) authorises your attorneys to manage any property that you own and to manage your financial affairs, in the event that you are unable to make such decisions yourself. The wills and probate team at JMW can guide you through this often complicated area of law, using our vast experience to ensure you get an outcome that's right for you.

Speaking to a member of the team couldn't be easier, simply call us on 0345 872 6666 or complete our online enquiry form and we will call you back at a convenient time.

What Is a Property and Financial Affairs Lasting Power of Attorney?

A property and financial affairs LPA is one of two types of LPA that exist, the other being a health and welfare LPA. It is a legal document that enables you to give to a person or persons of your choosing the authority to make decisions on your behalf.

A lasting LPA can only be used at your direction, for example if you are out of the country or physically incapacitated, or if you are deemed to lack sufficient mental capacity to continue managing your own affairs.

The Kinds of Affairs An Attorney Will Be Able to Handle

An attorney is authorised to handle:

  • Buying, selling and renting your property
  • Renovating or repairing your property, if it is required
  • Managing your bank accounts
  • Managing your investments
  • Paying your household bills
  • Paying your nursing or residential care home fees
  • Collecting your income (including pensions, state benefits and employment income)
  • Purchasing any necessary equipment or personal items that you may need
  • The ability to make small gifts on your behalf (for occasions such as a relative's birthday, weddings or for religious holidays

If for any reason you are concerned about the idea of a lasting power of attorney, remember it is possible to limit what your attorney(s) can do on your behalf. It is also worth remembering that you can cancel your LPA at any time.

FAQs

  1. Who Can Make a Lasting Power of Attorney?

    You must be over the age of 18 and have sufficient mental capacity to make the document, and remember it is not possible to make a Lasting Power of Attorney on another person's behalf. 

  2. Who Can I Appoint As My Attorney(s)?

    Only appoint trustworthy people who you know will make all decisions in your best interests. 

  3. What is a Lasting Power of Attorney (Property and Financial Affairs)?

    This type of Lasting Power of Attorney authorises your attorneys to manage any property that you own and to manage your financial affairs. This includes:

    • Buying, selling and renting your property
    • Renovating or repairing your property if it is required
    • Managing your bank accounts
    • Managing your investments
    • Paying your household bills
    • Paying your nursing or residential care home fees
    • Collecting your income (including pensions, state benefits and employment income)
    • Purchasing any necessary equipment or personal items that you may need
    • The ability to make small gifts on your behalf (for occasions such as a relative's birthday, weddings or for religious holidays

  4. When Can a Lasting Power of Attorney (Property and Financial Affairs) Be Used by My Attorney(s)?

    A Lasting Power of Attorney covering your property and financial affairs can either be used at your direction (if you are out of the country or physically incapacitated, for example) or if you lack sufficient mental capacity to manage your own affairs.

  5. Can I Limit the Authority That I Give to My Attorney(s)?

    Yes, you can place restrictions within the document and offer written guidance to your attorneys should you wish to.

  6. Am I able to cancel the Lasting Power of Attorney should I wish to?

    Yes, provided that you have sufficient mental capacity to do so, you can cancel the Lasting Power of Attorney at any time.

  7. Why is it important to make a Lasting Power of Attorney?

    If you should lose your mental capacity without having made a Lasting Power of Attorney, then a relevant person (typically your spouse, children or a solicitor) will need to make an application to the Court of Protection for a Court Order to be appointed as your Deputy. This can be very expensive and a Court Order can take many months to obtain. It is advisable to ensure that you make an LPA sooner rather than later.  

  8. I Already Have an Enduring Power of Attorney, Do I Need to Make a Lasting Power of Attorney as Well?

    From October 2007, Enduring Powers of Attorney could no longer be made and they were replaced with Lasting Powers of Attorney. Enduring Powers of Attorney that were made prior to this date are still valid and they are the equivalent to a Lasting Power of Attorney (Property and Financial Affairs). The authority under an Enduring Power of Attorney does not extend to your health and welfare.

    Please note, an Enduring Power of Attorney must be registered with the Office of the Public Guardian if it is deemed that the person who created the document has either lost or is losing their mental capacity.

  9. Does Making a Lasting Power of Attorney Affect My Will?

    No, the two documents are completely separate. A Lasting Power of Attorney is only effective during your lifetime. On your death the Lasting Power of Attorney shall cease and your will shall take effect. It is important to ensure that you have made a will.

Why Choose JMW?

We are vastly experienced in all aspects of property and financial affairs Lasting Powers of Attorney and our expert team will be on hand to provide the assistance you need at every step of the way. We are prepared to take on all of the hard work so that the process is as hassle-free for you as possible. We always take a professional and organised approach. so you can rest assured that everything is handled as it should be.

Talk to Us

For help and advice regarding a property and financial affairs Lasting Power of Attorney, contact the wills and probate team at JMW. You can contact us free on 0345 872 6666, or complete our online enquiry form and we will be in touch.

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