Property and Financial Affairs Lasting Power of Attorney

What is a Property and Financial Affairs Lasting Power of Attorney and what does it cover?

A property and financial affairs LPA deals with certain decisions in regards to personal finances and assets, in the event that you are no longer able to make these decisions for yourself.

It can seem complicated to sort out specific financial arrangements between yourself and your attorney, however you have the option to keep your money separate from your attorney, unless have a joint account in both names or you both own the same property together.

Your property and financial affairs attorney has the responsibility to take care of a number of financial matters, which include:

• Tax, bills and money, including direct debits, standing orders etc.
• Care fees
• Property
• Investments
• Banking accounts and building society accounts
• Your pension and other benefits
• Withdrawing money from your bank account

It is important to understand that if your chosen attorney has not registered with the Office of the Public Guardian, they will have no legal authority to deal with your property and finances.

When should you choose to have a Property and Financial Affairs LPA?

Unfortunately, there are cases in life when an individual cannot make certain decisions for themselves. These decisions can impact a person’s daily routine, whether it is deciding on the clothes they wear, the treatment they receive, and so on.

Should you find yourself in a similar situation and wish to put certain powers into someone else’s hands; preferably someone you trust and know very well, a property and financial affairs LPA can make all the difference to your living situation when it becomes too late for you to make the decision yourself.

Losing your mental capacity can be caused by various events. You could develop dementia, experience a life-threatening accident which impacts the brain or even have a stroke.

Should this ever happen to you, and in the event that you do not have a Lasting Power of Attorney in place, any assets and finances you hold could be inaccessible which would otherwise be used towards treatment or care.

Starting your Property and Financial Affairs Lasting Power of Attorney

There is no set date in which you can apply for a Property and Financial Affairs Lasting Power of Attorney; it is a safety measure for when or if the time comes in which you no longer have the capacity to make certain decisions on daily life, finances, assets and even information in regards to your treatment and care.

Your attorney will only have the ability to begin making decisions on your behalf once you have been assessed and it has been confirmed that you no longer have capacity.

To ensure you register your attorney correctly, our Estate Planning & Wealth Management team can help you through the process.

• We will ask you to fill in our LPA questionnaire
• Your information is transposed to the Official LPA Court documents (LP1H Form)
• You will be asked to sign the document in front of a witness
• We will then sign as the certificate provider, which confirms the client has mental capacity and is not under duress
• Your chosen attorney then signs the document in front of a witness
• Finally, the form is sent to the Court.

Is there a fee included?

Yes, there is a Court Fee of £82.

If you would like more information in regards to the application process, please visit our main Lasting Powers of Attorney service page or feel free to contact our Lasting Powers of Attorney Solicitors for guidance and advice.

A team you can trust

At K J Smith Solicitors, our Estate Planning & Wealth Management team are members of the Society of Trust and Estate Practitioners (STEP), an internationally recognised organisation whose members consist of accountants and lawyers who are specially qualified to advise on and assist with Estate Planning & Wealth Management matters.

We offer a free initial 15 minute telephone appointment to give you the opportunity to speak to us about a Lasting Power of Attorney, before deciding if you wish to proceed in instructing us to act on your behalf.

Please contact K J Smith Solicitors on 01491 630000 (Henley on Thames Head Office), 0118 418 1000 (Reading), 0118 418 1200 (Reading Central), 01256 584000 (Basingstoke), 01483 370100 (Guildford), 01494 629000 (Beaconsfield), 01344 513000 (Ascot), 01635 785 100 (Newbury), 01962 587900 (Winchester), 023 8200 2111 (Southampton), 01727 295 555 (St Albans) or email info@kjsmith.co.uk.

We also serve a wide range of other areas including Abingdon, Bracknell, Gerrards Cross, Maidenhead, Marlow, Oxford, Slough, Wokingham, and High Wycombe.