Property & Financial Affairs LPA
- Property and Financial Affairs, which gives the Attorney the authority, for example, to buy or sell property and make payments on behalf of the Donor
- Health and Welfare which allows the Attorney to make decisions after the Donor has lost capacity relating to health care, medical treatment and in some cases end of life treatment.
A Donor will often appoint a family member or friend to be responsible for making decisions for them in the future. It is possible to appoint one person to act, or to name more than one person and specify different areas that each can make decisions about. It is also possible to specify those decisions that should be made jointly by two or more attorneys.
A Property and Financial Affairs Lasting Power of Attorney
A Property and Financial Affairs LPA can be set up to come into force as soon as it is registered, or the Donor can put in place a provision so that the LPA can only be used if they lack mental capacity. It gives the Attorney the authority to deal with the following areas, unless restrictions are put in place by the Donor at the time of taking out the LPA:
- Dealing with bank accounts and other finances
- Claiming, receiving and using all benefits (on the Donor’s behalf)
- Dealing with the Donor’s tax affairs
- Receiving income or inheritance for the Donor
- Buying and selling property
- Making limited gifts on the Donor’s behalf
Restrictions exist by law in many of these areas to protect the Donor. For instance, gifts are limited to customary gifts the Donor may have been expected to make (eg. birthday gifts to relatives) and must not be unreasonable in size when taking account of the Donor’s financial circumstances.
Importantly, an Attorney is under an obligation only to act in the Donor’s best interests at all times, and various safeguards exist to ensure this.
Contact : Roger Bourdon
07958 221460
