Lasting Power of Attorney Property & Financial Affairs

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Make an LPA for Finance Decisions that protects your money and property

Your Lasting Power of Attorney for Financial Decisions allows your attorneys to take care of paying bills, to check your income from pensions, benefits and investments, and to look after your savings and bank accounts. Ultimately, you may need to sell your house to pay for your care. A Financial LPA is a legal document and a process that gives your attorneys the necessary authority to do all this for you.

The Benefits Of Having An LPA for Property and Finance In Place

There are two different types of LPA. that are important to be aware of if you want to be confident that your wishes will be respected at the time in life when you begin to lose mental capacity. Lasting powers of attorney (LPA) give you a legal process whereby you as the donor can give authority to an attorney to carry out many of the day to day actions that we take for granted when we are well and in possession of all our faculties.

Even when you are married to someone and have joint accounts; without the correct LPA in place, the incapacity of one partner can render the other partner unable to access such basic functions as banking and bill paying. Your attorney can be a spouse, another family member or even a trusted friend. The legal document, once signed is then registered with the Office of the Public Guardian.

The Financial Decisions LPA gives the attorney(s) the legal authority to act on your behalf if you are unable to manage those day to day tasks that are essential for keeping your finances intact and your property in good order. They can also take important decisions on your behalf. You can be confident that they will respect your wishes as these have been set out in the documentation and agreed before you have ned of their help.

If you neglect to set up a lasting power of attorney and then lose capacity, your family may be unable to manage your affairs. They would then have to apply to the Court of Protection to be appointed Deputies. This is an interminably long and drawn out process that puts even more stress onto those charged with sorting out your affairs and can badly affect your spouse if their access to your finances is blocked.

LPA Now provide a service that assists all parties to draw up a proper legal arrangement that is much more likely to be approved by the OPG first time.

The Health and Welfare LPA is the complementary legal process and document to allow your preferred attorneys to make the right choices for you when your health or care arrangements need decisions to be made.

LPAs are created for individuals. But to protect you and your partner, you may want to consider a Mirrored LPA.

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