Lasting Power of Attorney Property and Financial Affairs

Lasting Powers of Attorney (LPAs) are a cost-efficient, convenient way of ensuring critical decisions can be made by people you trust should there come a time when you can’t make those decisions for yourself. A Lasting Power of Attorney Property and Financial Affairs, as you would expect, deals with decisions relating to your finances and any property you own.

At Birch & Co, we specialise in assisting clients with all aspects of their future planning, including putting effective Lasting Power of Attorneys in place. We have an outstanding reputation for offering exceptional legal advice with a personal touch, and we will guide you through the process of making and registering a Lasting Power of Attorney Property and Financial Affairs with care and sensitivity.

Reach out to Birch & Co’s specialist and supportive team today. Call us on 0191 284 5030 or complete a Free Online Enquiry

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What Is A Lasting Power Of Attorney Property And Financial Affairs?

A Lasting Power of Attorney Property and Financial Affairs futureproofs decisions relating to your property and money. It is a formal legal document through which you, as the ‘donor’, nominate people to act as your ‘attorneys’ and make decisions about your money and property on your behalf.

What Issues Can A Lasting Power Of Attorney Property And Financial Affairs Address?

You can decide which decisions you wish your attorneys to make. Our Lasting Powers of Attorney solicitors will talk through your options with you and prepare a document that addresses your concerns and reflects your wishes.

The types of matters you might choose to give your attorneys control of include the following:

Deciding how to deal with any property you own. This might involve your attorneys deciding to sell it or rent it out.
Managing your bank accounts.
Collecting your income, for example, your pension.
Paying your bills as they fall due.
Purchasing any items you need with your money. For example, you can give them the power to spend your money on any clothes and toiletries you require.
Buying gifts for your loved ones on your behalf.

Do You Need A Lasting Power Of Attorney Property And Financial Affairs?

It isn’t only the very wealthy who should consider putting a Lasting Power of Attorney Property and Financial Affairs in place. In fact, Lasting Powers of Attorney Property and Financial Affairs can be a good idea for anyone over the age of 18 with any money, income, or property. They give you peace of mind that your affairs will be managed by those with your best interests at heart if you are rendered incapable of managing them yourself.

Furthermore, without a Lasting Power of Attorney Property and Financial Affairs in place, even those closest to you, like your spouse or civil partner, may be unable to access your funds if you become incapacitated. As a result, they may be unable to use the money in your bank account or tied up in property you own to pay for any care you need.

Eventually, the Court of Protection may step in to appoint someone to act as a ‘deputy’ and manage your finances. However, you have no control over who the Court chooses, and it may decide that a professional deputy would be best placed to deal with your assets, especially if those assets are significant. That person would have no understanding of your lifestyle, wishes, or priorities, so they may make decisions you wouldn’t agree with. By putting a Lasting Power of Attorney Property and Financial Affairs in place, you ensure the people tasked with managing your affairs are individuals you know and trust.

When Will Your Lasting Power Of Attorney Property And Financial Affairs Take Effect?

Your Lasting Power of Attorney Property and Financial Affairs will take effect as soon as we register it for you, unless we state otherwise in the document. If you wish for it to only take effect when specific events occur, we will prepare a document that accurately records those intentions.

Can You Cancel Your Lasting Power Of Attorney Property And Financial Affairs After It Has Been Registered?

Yes, you can cancel your Lasting Power of Attorney Property and Financial Affairs if you change your mind, provided you have the requisite mental capacity.

What Happens If Your Attorneys Don’t Act In Your Best Interests?

Handing over control of your finances can seem daunting, but rest assured, the vast majority of attorneys take their role incredibly seriously and honour the donor’s wishes to the letter.

Furthermore, attorneys are subject to a number of stringent legal duties that regulate their behaviour and protect donors’ interests. If your attorneys were to do anything untoward, their powers will likely be revoked, and they will be forced to repay any funds they misused.

How Can We Help With Your Lasting Power Of Attorney Property And Financial Affairs?

Our solicitors regularly prepare Lasting Power of Attorney Property and Financial Affairs for clients wishing to safeguard their future. We will ensure you fully understand the implications of your chosen arrangements and are happy to proceed, before preparing a watertight Lasting Power of Attorney Property and Financial Affairs on your behalf. We will take care of all the registration requirements, so you can be confident that there will be no issues with your document as and when your attorneys need to use it.