A 'Lasting power of attorney for property and financial affairs' is a legal document in which you authorise someone to look after your financial matters in the event that you become incapable of making decisions for yourself. This could be because you have developed an illness such as dementia or you are concerned that you will be unable to cope in your old age.
The person or people you appoint to manage your financial affairs are known as your 'attorneys' and you are referred to as the 'donor'.
The 'Lasting power of attorney for property and affairs' will address matters relating to your finances and property and enable your attorneys to carry out a number of activities, such as:
In the situation where you are no longer able to make decisions and you don't have a 'Lasting power of attorney for property and affairs' in place, your bank and other accounts may be frozen until a 'deputy' is appointed by the Court of Protection. A deputy will have the legal authority to make decisions on your behalf. However, it may take time for deputy to be appointed, and in the meantime your financial affairs, such as the paying of bills will have been neglected.