A Property and Financial Affairs Power of Attorney is a legal document that will let you give someone you trust the right to look after your money and property if you need help. They can do things like pay your bills, manage your mortgage, look after savings or investments and even sell your home if needed. The important point is that your attorney can step in while you still have capacity and continue to help if you later lose the ability to make decisions for yourself.
Why Plan Ahead?
If you do not have a Property and Financial Affairs LPA and lose capacity, the court may have to appoint someone to take over. This process can take a long time, create delays with your money and lead to extra costs for your family. Setting up a UK power of attorney with a firm like https://powerofattorneyonline.co.uk means you stay in control of who makes these important choices.
Choosing the Right Person
Most people choose a spouse, close family member or a trusted friend as their attorney. You must be 18 or over to make an LPA, and your attorney must also be 18 or older. You can choose more than one person and decide whether they act together or separately. More details can be found on the Office of the Public Guardian website.
Is a Health and Welfare LPA Enough?
No – that only covers personal care and medical choices. Many people set up both types of LPA so they are fully covered for the future.