Financial Decisions LPA to protect your money and property
Your LPA for Financial Decisions can take care of paying bills, checking your income from pensions, benefits and investments, and looking after your bank and savings accounts. Ultimately, you may need to sell your house to pay for your care. A Financial LPA will grant your Attorney the necessary authority to do all this for you.
The Dangers Of Not Having An LPA In Place
If you don’t have an LPA in place and then lose capacity, the situation can arise where no one has the legal authority to make decisions for you. If you’re married or in a civil partnership, you may have assumed that your spouse would automatically be able to deal with your bank account and pensions, and make decisions about your healthcare, if you lose the ability to do so. This is not the case. Without an LPA, they won’t have the authority. The only alternative then is for someone to apply to the Court of Protection to be appointed as a Deputy, which can take months and cost a great deal more than an LPA. Deputies must also pay an annual fee to the Court of Protection and submit an annual report of their actions.