Why do I need a Lasting power of attorney for property and financial affairs?

The reasons that you might need a LPA for Property and financial affairs, and what your appointed attorneys would be able to do

A 'Lasting power of attorney for property and financial affairs' is a legal document in which you authorise someone to permanently look after your financial matters should you become either physically and/or mentally unable to do so yourself.

The person or people you appoint to manage your financial affairs are known as your 'attorneys' and you are referred to as the 'donor'.

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The 'Lasting power of attorney for property and financial affairs' will enable your attorneys to manage your property and financial affairs for you, including:

  • Open, close or operate bank accounts
  • Claim and receive pensions, benefits, allowances and rebates
  • Make all tax returns and adjusting and settling any claim for tax
  • Pay your household bills
  • Sell your property
  • Pay for private medical care and residential care costs

If you don't have a 'Lasting power of attorney for property and financial affairs' in place when you lose your mental capacity to deal with these matters yourself, 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 deal with these matters on your behalf. However, it may take time for a deputy to be appointed, causing your financial affairs, such as the paying of bills to become neglected.