Property and Financial Affairs LPA
It is best to seek guidance before deciding which Lasting Power of Attorney to do whether the one for property and finance, health and welfare or both. Ultimately, it is for the person to choose which one would suit them but it is good to research the basis of each power and the extent of the power created.
What is the role of a Lasting Power of Attorney?
If you choose to have a Property and Finance Lasting Power of Attorney and do not place any restrictions on the power that the attorney will have, they would be able to perform the following to name a few:
- Property – buying, selling and transferring.
- Bank Accounts, Building Society Accounts – control the accounts, whether opening, closing or any banking activities.
- Deal with pensions and benefits.
- Receive any other forms of income, gifts and inheritance on behalf of the donor.
- Deal with authorities e.g. HMRC on any tax issues that may arise.
- Pay expenses including any rent or mortgages, shopping.
- Ensure that all insurance policies are kept updated and paid for.
- If the donor has large amount of cash to seek advice from an independent financial adviser and invest money on behalf of the donor.
- Pay for residential or nursing care.
- If the donor was in the habit of making gifts to individuals/ organisations then to maintain this on behalf of the donor.
Who can be an Attorney?
Given the wide powers that an attorney will have to confidential information and authority to act for the donor, consideration must be given as to who to choose to be an attorney. It must be to a trusted person and there is always the risk of the attorney abusing his/her position.
The following list of people are often chosen to act as an attorney or replacement attorney mostly based on their relationship with the donor.
- A spouse or civil partner.
- Other close family member
- A trusted friend or someone not related to the donor
- Someone in a professional capacity
- The donor’s solicitor
- Business associate, partner or co-director
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